When to Update Your Will: A Checklist for Families and Business Owners
“Creating a Will is one of the most important legal steps you can take to protect your assets and ensure your loved ones are cared for. However, life changes, and so should your estate plan. Failing to update your Will can lead to unintended consequences, family disputes, and unnecessary legal expenses.”
If you're wondering whether it's time to review your Will, this checklist will help you determine when an update is necessary. Our team of wills and estate lawyers in NSW is here to guide you through the process, making estate planning straightforward and stress-free.
Why Updating Your Will is Essential
“An outdated Will can cause delays in estate administration, create confusion, and even lead to estate disputes. Without proper succession planning, your wealth may not be distributed according to your wishes, and your family may face unnecessary tax burdens or legal challenges.”
At Connected Legal + Commercial, our experienced estate planning lawyers offer affordable estate planning solutions tailored to your unique circumstances. Whether you need a lawyer for Wills near you, assistance with estate administration services, or advice on setting up a family trust, we ensure your estate plan aligns with your goals.
Checklist for Reviewing Your Will
Significant life events should prompt you to review your Will. If any of the following apply to you, it’s time to seek estate planning advice from an experienced lawyer for trusts and estates.
Family Changes:
✔ Marriage or Divorce – Marriage automatically revokes a Will in NSW unless it was made in contemplation of the marriage. Divorce doesn’t invalidate a Will, but you’ll likely want to remove your former spouse as a beneficiary.
✔ Birth or Adoption of a Child – Appoint a guardian and ensure their inheritance is structured properly.
✔ Death of a Beneficiary or Executor – If someone named in your Will has passed away, you need to update it.
✔ New Relationship or Blended Family – If you've entered a new relationship, consider how this impacts your estate planning.
Financial Changes:
✔ Significant Increase or Decrease in Assets – If you’ve received an inheritance, started a successful business, or sold a major asset, update your Will to reflect these changes.
✔ Buying or Selling Property – Real estate is often a major part of an estate plan. Ensure your Will accurately reflects your ownership.
✔ Starting or Closing a Business – Business succession is complex. Speak to an executor of estate lawyer to ensure your business assets are handled correctly.
✔ Changes in Superannuation – Ensure your superannuation nominations align with your estate plan.
Other Important Considerations:
✔ Moving Interstate or Overseas – Different states and countries have different estate laws. If you're in NSW, consult an estate planning solicitor to ensure compliance.
✔ Changes in Legislation – Laws around Wills and estates can change. Regularly reviewing your estate plan with a lawyer for estate ensures compliance with current regulations.
✔ Mental Incapacity Planning – Consider setting up a power of attorney and appointing a guardian to manage decisions if you become incapacitated.
How Often Should You Review Your Will?
We recommend reviewing your Will every 3-5 years, even if no major life events have occurred. A proactive approach to estate planning can prevent disputes and protect your family’s wealth.
Failing to review your Will can lead to:
Your assets ending up in the wrong hands.
Unnecessary tax burdens for your loved ones.
Lack of protection against creditors, relationship breakdowns, or legal challenges.
Your Will being contested, leading to thousands of dollars in legal fees.
How We Can Help
At Connected Legal + Commercial, we make estate planning easy, clear, and affordable. Whether you're looking for wills and estate lawyers in the Inner West Sydney, Summer Hill, or Central Coast, we provide expert guidance tailored to your needs.
Our estate planning solicitors offer:
✅ Will drafting services to ensure your wishes are clearly documented.
✅ Succession planning for business owners and families.
✅ Estate administration services to assist executors.
✅ Power of attorney lawyer services to protect your interests in case of incapacity.
✅ Guidance on family trusts, superannuation, and tax-effective estate planning.
📞 Call us today on 1300 804 195, email to info@connectedlegal.com.au, or book a free initial consultation with one of our specialist lawyers here to discuss your Will and Estate Plan. We’ll assess whether your current plan meets your objectives and provide expert legal advice.
DISCLAIMER
The content given herein is provided for information purposes only. It is general in nature and does not constitute legal advice and should not be used as such. Formal legal advice should be sought in particular matters.
Connected Legal + Commercial does not accept any liability to any person for the information (or use of such information) which is provided herein or incorporated into it by reference.
The information is provided in good faith on the basis that all persons accessing the content undertake responsibility for assessing its relevance and accuracy and will seek appropriate formal legal advice accordingly.