The Importance of Updating Your Will After Major Life Events

Creating a will is one of the most important steps to ensure that your assets are distributed according to your wishes after your passing. However, many people make the mistake of drafting a will and then setting it aside, assuming their job is done.

As we know, life is ever-changing. Major life events can significantly impact your financial and personal circumstances, necessitating a review and update of your will to ensure it remains relevant and legally effective. Our Will writing lawyers at Szabo & Associates Solicitors can ensure that the process is thorough and that your will adheres to current legal standards.

Common Life Events That Warrant a Will Review

In NSW, a will is a legally binding document that must accurately reflect your intentions at the time of your passing. Failing to update your will could result in unintended consequences, including disputes among beneficiaries or them overlooking your wishes. Here are some common life events that should prompt you to update your will.

Marriage or Divorce

In NSW, marriage automatically revokes a will unless the will expressly states that the testator made it in contemplation of marriage. If you marry without updating your will, your existing document may no longer be valid. Similarly, divorce does not revoke a will but cancels any provisions that benefit your former spouse, including their appointment as executor or trustee.

Birth or Adoption of Children

The arrival of a child, whether by birth or adoption, is a profound life event that often brings about significant changes in your priorities and responsibilities. If you do not update your will to include provisions for your children, such as appointing a guardian or allocating assets for their benefit, they may not be adequately protected in the event of your passing.

Changes in Financial Circumstances

Acquiring significant assets, such as a new home, business, or inheritance, can drastically alter the scope of your estate. Conversely, experiencing financial losses may require you to reassess your asset distribution. Updating your will to reflect these changes ensures your assets are managed and distributed as you intend, avoiding potential disputes among beneficiaries.

Death of a Beneficiary or Executor

The loss of a loved one whom you named as a beneficiary or executor in your will can leave a gap in your estate planning. Updating your will to address such changes ensures that there is someone who can manage your estate efficiently and distribute assets to the intended recipients without complications.

Other Considerations

Other events that may warrant a review of your will include changes to your health, retirement, relocation (particularly to another state or country), or changes in legislation that affect estate planning. Even in the absence of major life events, regular reviews of your will are also advisable to ensure it aligns with your current wishes and circumstances.

How Our Solicitors Can Help

Updating a will is not always straightforward, especially when complex assets or family dynamics are involved. Engaging our experienced will writing lawyers can provide peace of mind. We can help you navigate the legal requirements, ensure your updated will is valid, and address any potential issues that may arise.

Contact Szabo & Associates Solicitors Today

Keeping your will up to date after significant life changes is vital to ensuring your wishes are respected and your loved ones are cared for. Do not let an outdated will create unnecessary stress or confusion for your family. Take the time to review your will regularly and schedule a consultation with Szabo & Associates Solicitors to make necessary updates. Your future self and your family will thank you.