Life Events That Mean You Should Review Your Will in Victoria
Knowing when to review your will is just as important as writing one. An outdated estate plan can have unintended consequences.
In Victoria, certain life events automatically affect your existing documents, which is why regular reviews with an experienced succession lawyer matters.
Top 6 Triggers That Warrant a Will Review
There are many occasions that should trigger you to think about your Will. These are our top 6, but by no means an exhaustive list:
Marriage or divorce. In Victoria, getting married revokes your existing Will unless it was made “in contemplation of” that marriage. This catches most people off guard and is particularly important in blended family scenario’s where there are children from a previous relationship. Divorce works differently. In Victoria, divorce typically revokes only the gifts and appointments in favour of your former spouse and the rest of the will remains valid. The law looks at your Will as if your former spouse died before you.
Welcoming a new child or grandchildren. Simple Wills and DIY Wills don’t always account for future generations. Some complex Wills may not either. This means new family members can be unintentionally left out.
Relationship Breakdown. Unlike marriage and divorce, separation does not have an immediate impact on your Will. Your succession strategy must adapt when your relationship status changes. If you don’t update your Will or haven’t made a Will at all (and your divorce is not finalised), your ex-spouse may still be the main recipient of your estate upon your death.
Significant financial shifts. Receiving an inheritance from family, buying a property, selling a property, receiving a significant windfall or financial trouble, warrants a prompt review of your estate plan.
A change in your executor’s circumstances. If your chosen executor dies, moves overseas, loses capacity or you have a falling out, your estate can face delays. You should make sure your named executor is who you would like to act and that they are capable of acting. Naming a substitute executor also helps.
Death. The death of a family member, loved one or any individual named in your Will should act as a prompt for you to consider your own succession plan, and whether your documents need updating.
Book a Meeting
This article provides information only, it is not legal advice. Reach out to Simmons Legal if you would like advice on your personal circumstances.
