If your intentions have changed, then YES!
It’s vital that you update your Will if you change your mind as to how you want to leave your estate if you pass away. Your testamentary intentions will have changed and this should be reflected on your Will to give your loved ones peace of mind if anything happens to you.
Even if your intentions haven’t changed, you should still review your Will if circumstances have changed. If any of the following has affected you or someone named in your Will, then you need to update your Will to account for these changes.
- breakdown of relationship
These life events most likely will have an effect on how your estate will be divided amongst your beneficiaries, even if you think they don’t. The biggest example of this is marriage. Under the Succession Act 2006 (NSW), marriage automatically invalidates a person’s Will. This means you must make a new Will, or you will be considered to be intestate. Similarly, a divorce invalidates a gift to an ex-spouse. If you have separated from your spouse or partner, your testamentary intentions may have also changed – if so, you will need to make a new Will.
How do I update my Will?
The question should really be: How do I make a new Will?
When you make a new Will, all of your previous Wills are revoked and no longer apply. So to “update” you only need to make a new Will and that will replace your old one.
What next? We’re here to help! If you are considering updating your Will, give us a call on 02 9687 8885 and our lawyers can assist you with your estate planning needs.