When should I update my Will?
Often an enquiry is made as to whether a Will needs to be updated. The answer is yes and no.
That is, a Will, once made, is valid for the balance of the Testator’s natural life. It does not need to be renewed or updated to remain valid. However, it is important to ensure that the Will, once made, fully encapsulates the intentions of the Testator as to the distribution of their Estate particularly if and when there are a change in circumstances.
A Will should be updated, or at least reviewed, when there is a major life change or event. Such a change could occur in the following circumstances:
- You marry or divorce;
- The birth or death of a partner or child;
- The death or change in relationship between the Testator and the currently appointed Executor or Trustee; or
- A major change in the Testator’s financial circumstances from the time the Will was drafted.
Even if there have been no major life change it is still prudent to undertake a review of your Will every 3 to 5 years to ensure it continues to fulfill the testamentary intentions of the Testator.
Brydens Lawyers are experts in the drafting, reviewing and updating of Wills. For any matter concerning your Will contact Brydens Lawyers today on 1800 848 848 or brydens.com.au. Brydens Lawyers – #WE DO Wills and Estates.