Creating a will is one of the most important steps in planning for your future. It provides clarity about how your estate will be distributed and gives you peace of mind that your wishes will be respected. However, a Will is not something that should be written once and forgotten. As your life changes, your Will should be reviewed to ensure it still reflects your current circumstances and intentions.
Keeping Your Will Current
Your Will presents your personal and financial situation at the time it was made. Over time, major life events can make part of it outdated or no longer relevant. Marriage, separation, the birth of children or grandchildren, the purchase or sale of property, changes to your financial situation can all affect how your estate should be distributed.
If your Will does not reflect these changes, it may no longer achieve what you intended. For example, a marriage revokes a Will unless it was made in contemplation of that marriage, and divorce can cancel provisions appointing or benefitting a former spouse. Similarly, a new child or stepchild may need to be included as a beneficiary, or the sale of a property may mean a specific gift is no longer available.
The Risks of an Outdated Will
An outdated will can create confusion or disputes after you pass away. Common issues include:
- assets being left to unintended beneficiaries
- family members being excluded or overlooked
- disagreements between relatives or dependents
- delays in administering the estate
- increased legal costs due to uncertainty or challenges
In some situations, an outdated Will may even be a challenged in the Supreme Court under the Successions Act 2006 (NSW) which can be stressful and costly for your family.
When to review your Will
It is recommended that you review you Will every few years, or whenever a significant change occurs in your life. You should consider updating your will if:
- you marry, separate or divorce
- you have a child or grandchild
- a beneficiary or executor passes away
- you buy or sell a property or a business
- your financial situation changes substantially
- your personal relationships or priorities change.
Regular reviews help to ensure that your Will is valid and continues to reflect your wishes accurately.
How Tonkin Drysdale Partners Can Help
At Tonkin Drysdale Partners our Wills and Estates team has extensive experience helping clients across the Central Coast, including Woy Woy and Gosford to prepare and update their Wills. We take the time to understand your individual circumstances and ensure that your Will is current, clear, legally sound and tailored to your needs.
If it has been some time since your Will was last reviewed, or if your life has changed in any significant way, now is the perfect time to check that it still meets your needs. A properly updated Will protects your loved ones, prevents confusion and ensures that your estate is managed the way you intend.
To arrange a Will review or to speak with one of our experienced solicitors about your estate planning needs, contact Tonkin Drysdale Partners today.
