A Will made a decade ago, for a life that’s changed substantially since, can end up doing more harm than having no will at all, because it looks current, even when the law itself has already moved it aside.
Marriage Can Revoke Your Will
Under the Succession Act 2006 (NSW), getting married generally revokes any Will you made beforehand. There are two important exceptions: gifts and appointments made in favour of the person you’ve just married stay valid, and a Will that was expressly made “in contemplation of” that specific marriage isn’t revoked at all. In practice, this means many people are relying on a Will that no longer has legal effect, often without realising it.
Divorce Changes Key Parts, Not the Whole Will
Divorce or annulment works differently, it doesn’t cancel the whole document. It revokes any gift to your former spouse and their appointment as executor, trustee or guardian, unless the Will clearly says that shouldn’t happen. Everything else in the Will generally continues to operate as written.
Other Events Worth a Review
A new child or grandchild
Welcoming a new child or grandchild is an important time to review your Will, particularly if you need to update guardianship arrangements or want to include or revise gifts to family members.
A blended family forming
If your family circumstances change, reviewing your Will can help ensure your wishes for your new partner, children and other family members are appropriately reflected in your estate plan.
Buying property or starting a business
Significant changes to your assets, such as buying property or starting a business, may affect your estate planning. How an asset is owned can also determine whether it can be dealt with under your Will. See our article on joint tenants vs tenants in common for more information.
The death of a named executor, guardian or beneficiary
If an executor, guardian or beneficiary named in your Will passes away, it is important to review your Will to ensure key roles are still appropriately filled and your wishes can be carried out as intended.
Moving interstate or overseas
Moving interstate or overseas is another good opportunity to review your Will and ensure it remains appropriate for your circumstances and practical to administer.
A Simple Habit: Review Regularly
Even without a major life event, it is worth reviewing your Will every few years to ensure it continues to reflect your circumstances and wishes. Just like insurance or superannuation, your estate planning should evolve as your life changes over time.
Is It Time to Review Your Will?
If your circumstances have changed, or it has simply been a few years since you last reviewed your Will, now may be a good time to make sure it still reflects your wishes.
Our experienced Wills & Estates team can review your existing Will, advise you on any changes that may be needed, and help ensure your estate planning remains appropriate for you and your family.
Contact Southern Waters Legal today to arrange a Will review with our Wills & Estates team.
