Why Your Will Needs Regular Review

Many people create a will and then forget about it, assuming it will remain valid and appropriate indefinitely. In reality, your will should be treated as a living document that evolves alongside your life circumstances. In Victoria, a will that does not reflect your current wishes or family situation can lead to costly disputes, delays in estate administration, and outcomes that are entirely different from what you intended.

We recommend reviewing your will at least every three to five years, and immediately after any significant life event. The cost of updating a will is modest compared to the expense and emotional toll of contested probate proceedings.

Life Events That Should Trigger a Review

Certain milestones and changes should always prompt you to revisit your estate plan. These include:

• Marriage or entering a de facto relationship (marriage automatically revokes a prior will in Victoria unless the will was made in contemplation of that marriage)
• Separation or divorce
• The birth or adoption of a child or grandchild
• The death of a beneficiary or executor named in your will
• Significant changes to your financial position, such as receiving an inheritance, purchasing or selling property, or starting a business
• Changes to superannuation or insurance beneficiary nominations
• A move interstate or overseas, which may affect which jurisdiction's laws apply to your estate

Powers of Attorney and Advance Care Directives

A comprehensive estate plan extends beyond your will. Powers of attorney allow you to appoint trusted individuals to make financial and legal decisions on your behalf if you become incapacitated. In Victoria, you can appoint an enduring power of attorney for financial matters and a medical treatment decision maker for health-related decisions.

These documents should be reviewed at the same time as your will. The people you appointed five or ten years ago may no longer be the right choice—relationships change, people relocate, and your own preferences may evolve. Ensuring these documents are current gives you confidence that your affairs will be managed according to your wishes if you are ever unable to manage them yourself.

The Cost of Not Updating

If your will does not adequately provide for eligible family members, they may have grounds to contest it under the Administration and Probate Act 1958 (Vic). Family provision claims are common and can be expensive to defend. An outdated will that leaves assets to a former spouse, fails to include a new partner or child, or names an executor who has predeceased you can create significant complications for your loved ones during an already difficult time.

Taking the time to keep your estate plan current is one of the most important things you can do for your family. Our estate planning team can guide you through the process efficiently and ensure your documents are properly drafted and executed.