Is it time to update your will?
Life and circumstances change, it’s essential to make sure your will keeps pace.
Divorce, selling a house or moving into aged care. These are just a few of the things that will change your personal circumstances. Regularly reviewing your will helps you keep on top of life to ensure it reflects what you want to happen.
It is important to know you should not make any changes without legal counsel, otherwise those changes may not be legally binding.
The will is a family document that divides your assets among your family, friends and any other beneficiaries listed.
It’s best to avoid unwanted contestation or debate, so your will should be a document that is regularly revised and updated to reflect key life changes.
Your will can cover things like:
How you want your assets shared
Who will look after your children if they're still young
Any trusts you want to set up
How much money you'd like to give to charities
Plans for your funeral.
It's important to have an up-to-date will. If you die without one, the law decides who will get your assets — and this may not be who you wanted.
You can get your will written by a solicitor (for a fee) or by a Public Trustee. A Public Trustee may not charge if you:
Are a pensioner or aged over 60, or
Nominate them to carry out the instructions in your will (that is, to be your executor).
The rules vary, so visit the Public Trustee office website for your state. They are:
If you use an online will kit, get it checked by a solicitor or Public Trustee. If your will isn't done properly, it will be invalid.
Make sure you put your will in a safe place and tell someone close to you where it is.
Making legally binding changes is not always straightforward and you need to be aware of the relevant requirements in your state or territory.
You should change your will when you:
Purchase or sell major assets, such as a car or house.
Make a change to your investments, such as a business or shares.
Receive inheritance or money from family members.
Move into a retirement village or residential aged care home.
Go through a divorce, separation or marriage (in some states and territories this will void any existing will you have).
Want to change beneficiaries.
A new beneficiary is born, such as a grandchild.
Are diagnosed with a serious illness.
There is no need to update your will if there are no changes in your life. But it is worth reviewing your will at least every five years. That way you can be reminded of any changes you might not have previously considered.
You may find the five-year break between reviews fits perfectly with either updating or drafting a new will that best reflects your current circumstances. Otherwise, it will be ready to update when major changes such as a house sale occur.
Experts warn that if you were to add new amendments or change details in a current will there is a chance it could be contradictory and cause confusion, or the new changes might not be legally binding.
It’s recommended you update a will by making a new one and explicitly outline that an old will is revoked.
Depending on the State or Territory you live in the creation of a new will may automatically revoke the old will, rendering it legally null and void. Any will can also be revoked by physically destroying it although it is recommended you speak to a solicitor or Public Trustee before destroying any legal documentation.
It’s best to update your will in the presence of a solicitor to ensure it is done properly and is legally binding.
To make the appropriate updates and changes you can add a postscript called a codicil to your will. This is a new document featuring amendments and updates to the original will.
As mentioned above, there are unique laws in some States and Territories when it comes to updating a will. They are outlined below to provide you with more information.
Here’s a summary:
Australian Capital Territory (ACT)
In the ACT, the Public Trustee can assist with creating a will and reviewing it, but they cannot make changes on your behalf. You will need to contact a solicitor.
Marriage or divorce will automatically revoke the will, meaning you must update it.
New South Wales (NSW)
You can change a will through a solicitor or book an appointment with the NSW Trustee & Guardian.
Marriage will automatically revoke any will, whereas divorce only impacts parts of the will that relate specifically to the divorced party.
Northern Territory (NT)
In the NT, the Public Trustee can update wills for specific people, including those who have already made a will with the Public Trustee, have named the Public Trustee as their executor, or hold a pension concession.
Marriage or divorce automatically revokes any will.
Queensland (QLD)
The Queensland Public Trustee is available to prepare and update wills.
Divorce or marriage may automatically revoke a will, but not in all cases, as you can create a will specifying that divorce should not impact what a former spouse receives upon your death.
However, if you have appointed a spouse as an executor of your will, it will be revoked upon divorce regardless.
Queensland also recognises civil partnerships and de facto relationships in the same light as marriage, meaning the beginning or end of those types of relationships has the same effect on a will as marriage or divorce.
South Australia (SA)
SA’s Public Trustee can update a will for eligible customers only—that is concession card holders or people who access Centrelink services.
In South Australia, marriage will automatically revoke an existing will unless the marriage was clearly mentioned. Divorce does not revoke your will, but the former spouse will have their rights or distributions revoked.
Tasmania (TAS)
The Tasmanian Public Trustee is available to update a will. Marriage or divorce will revoke a will, however, if specified it may only impact certain parts of a will that relate to a current or former spouse.
Victoria (VIC)
If you do not have the funds to access a solicitor, the State Trustees provide an alternative avenue to creating or updating a will.
Marriage in Victoria automatically revokes a will unless the marriage was clearly outlined in the will when it was originally created.
Divorce does not automatically revoke a will; however, it takes effect as if the former spouse has already died before you. It is recommended that you seek legal advice upon divorce.
Western Australia (WA)
WA’s Public Trustee is available to draft or update wills that nominate the Public Trustee as a sole executor or substitute executor; otherwise, you will need to use a solicitor to make any changes.
Wills created before February 9, 2008, will not be revoked by divorce, while those made after that date will be automatically revoked unless special clauses are included in the will that specifically mention either marriage or divorce.
For further reading: Aged Care Guide; Money Smart
