Creating and updating a will is a vital step in securing your family’s future. A will ensures that your final wishes are honoured, your assets are distributed as intended, and your loved ones are protected. But can you change your will at any time? This guide answers that question and provides insights into creating, updating, and maintaining a legally valid will in Australia.
Understanding Wills and Estate Planning
What is a Will, and Why is it Important?
A will is a legal document that outlines your wishes regarding the distribution of your assets after your death. It’s an essential part of estate planning, ensuring your financial circumstances are accurately reflected, and your family members are protected
Key Reasons to Have a Will:
- Avoid legal disputes among family and beneficiaries.
- Minimise legal costs and simplify the distribution process.
- Ensure your financial and legal decisions are honoured.
- Designate a guardian for minor children or protect family heirlooms.
Creating and Updating Your Will
The Will Creation Process
Making a will involves several key steps:
- Inventory Your Assets: List properties, savings, investments, life insurance policies, and other valuable items like family trusts or heirlooms.
- Choose Your Beneficiaries: Specify who will inherit each asset, from spouses and children to extended family or charities.
- Appoint an Executor: This person will manage your estate, ensuring your final wishes are fulfilled.
- Draft the Will: Use a professional service, such as a lawyer, or a will kit, though DIY wills may risk being invalid.
- : To ensure your will is legally valid, sign it in the presence of two witnesses.
Tip: For significant assets like real estate, consult a lawyer who specialises in wills to ensure the legal process is followed.
When to Update Your Will
Updating your will is just as important as creating one. Your will should be reviewed every 3–5 years or whenever you experience a major life event.
Common Life Events That Require Updates:
- Marriage or Divorce: A marriage or a divorce can revoke an existing will unless stated otherwise.
- Having Children: Add children as beneficiaries and name guardians.
- Changes in Assets: Buying or selling property, receiving inheritance, or changes in financial status.
- Death of a Beneficiary or Executor: Revise your will to reflect the change.
💡Example: If you bought a new house or gained financial assets, an updated will ensures they’re distributed according to your wishes.
Changing Your Will
How to Make Changes to Your Will
- Create a New Will: A new will automatically revokes the previous one.
- Add a Codicil: A codicil is a legally binding amendment to your will for minor updates.
Both methods require the same legal process to ensure validity. For minor changes, a codicil may suffice, but for significant updates, drafting an entirely new will is recommended.
Revoking a Will
You can revoke your will at any time by:
- Destroying the document (with intent to revoke).
- Drafting a replacement.
- Explicitly stating revocation in a codicil.
⚠️ Warning: If no new will is created, your estate will be distributed under intestacy laws, which may not align with your intentions.
Seeking Professional Advice
Why Consult a Lawyer?
While it’s possible to draft a will yourself, seeking legal advice ensures that your will is valid and that your estate is distributed according to your wishes. Legal professionals can provide guidance tailored to your specific circumstances, helping to avoid potential disputes or challenges to your will.
Working with a lawyer to create your will can help you to:
- Ensure your will adheres to Australian laws.
- Minimise errors in estate planning documents.
- Address special circumstances, such as setting up a family trust or dealing with international assets.
Learn more: Find out more information on wills and estate planning
Conclusion
Regularly reviewing and updating your will is vital to ensuring your final wishes are honoured and your loved ones are protected. Life is unpredictable, and significant events can require changes to your estate plan.
If you’re ready to take the next step, consult a lawyer today to make or update your will. At Lotus Legal, we can help take the stress out of estate planning, ensuring your will truly reflects your intentions.