How Often Should You Update Your Will? Key Life Events to Consider
A will is not a set-and-forget document. Life changes, and so should your estate plan. Whether you’ve recently married, welcomed a child, or acquired new assets, updating your will ensures that your wishes remain clear and legally enforceable. But how often should you review your will, and what events signal the need for an update?
Regularly reviewing your will helps prevent disputes, ensures your assets are distributed as intended, and keeps your estate plan aligned with current laws. If you don’t have a will yet, understanding how much a will costs in WA can help you take the first step in securing your legacy.
When Should You Update Your Will?
While there is no fixed rule for how often you should update your will, reviewing it every three to five years—or sooner if significant life events occur—is recommended. Key moments that may require an update include:
Marriage or Divorce – In Western Australia, marriage and divorce can revoke a previous will. Divorce may also impact how you wish your assets to be distributed. It’s crucial to revise your will to reflect your current relationship status.
Birth of a Child or Grandchild – If your family expands, updating your will ensures that provisions are made for your children or grandchildren.
Significant Financial Changes – Buying property, selling assets, or inheriting wealth should prompt a review of your will to align it with your financial circumstances.
Changes in Executors or Beneficiaries – If your chosen executor is no longer able to fulfill their role or if your intended beneficiaries change, your will should be updated accordingly.
Moving to a Different State or Country – Estate laws differ by jurisdiction. If you relocate, your will should be reviewed to ensure compliance with local laws.
Death of a Beneficiary or Executor – If a named beneficiary or executor passes away, your will should be updated to reflect a new plan for your estate.
Changes in Business Ownership – If you own a business, your will should outline succession plans to prevent complications.
The Risks of an Outdated Will
Failing to update your will can create confusion and unintended consequences, such as:
Unintended Beneficiaries – Without updates, assets may go to individuals you no longer wish to include.
Family Disputes – An outdated will can lead to inheritance conflicts and legal challenges.
Invalid Provisions – Changes in laws can render parts of your will unenforceable leading to a partial intestacy (where legislation states what happens to some of your assets).
Complications with Estate Administration – Executors may struggle to administer an outdated will, causing unnecessary delays and costs.
If your will is outdated or unclear, it increases the risk of estate disputes. Learn more about what happens if you die without a will in WA and why proactive estate planning is crucial.
How to Update Your Will in WA
Updating your will doesn’t necessarily mean rewriting it entirely. In some cases, a codicil (a legal amendment to your will) may suffice. However, if multiple changes are needed, drafting a new will is often the best approach.
Steps to Update Your Will:
Review Your Existing Will – Assess whether any recent life changes impact your current estate plan.
Consult an Estate Planning Lawyer – Professional advice ensures that updates are legally valid and effective.
Draft a New Will or Create a Codicil – Decide whether a minor amendment or a completely new document is necessary.
Execute the Updated Will Properly – Ensure your new will meets legal requirements for validity.
Safely Store Your Will – Keep your updated will in a secure location and inform trusted individuals of its whereabouts.
If you don’t yet have a will or need professional guidance, understanding how much a will costs in WA can help you plan effectively.
Secure Your Estate Plan Today
A well-maintained will ensures your legacy is protected and your wishes are carried out without complication. Regular updates prevent legal disputes, unexpected outcomes, and unnecessary stress for your loved ones.
If your will is outdated, now is the time to review and revise it. Learn more about what happens if you die without a will in WA to understand the risks of not keeping your estate plan current.
For expert guidance on will updates, estate planning, and probate services, contact Bechelet & Co today.
Extra Resources
How Much Does a Will Cost in WA? – Learn about the costs of drafting a will and professional estate planning services.
What Happens If You Die Without a Will in WA? – Understand intestacy laws and their impact on your estate.
Book your free consultation today: https://bechelet.co/contact