Creating a will is a vital step in safeguarding your legacy, but it is not a document you write once and forget. Life changes constantly, and your will must keep up. The importance of updating a will lies in ensuring your current wishes are recognised, your loved ones are protected and your assets are distributed exactly as you intend.
As experienced estate lawyers in Victoria, we often see the consequences of outdated wills, from unintended beneficiaries to legal disputes that could have been easily avoided. That is why updating a will in Victoria is not just good practice – it is essential.
Why Update Your Will?
There are several compelling reasons why you should update your will regularly in Victoria. The most important is to ensure that it accurately reflects your current financial position, relationships and responsibilities. As your life evolves, so should your estate planning.
You may have acquired new assets, started a family or undergone significant personal changes. Without revisiting your will, your intentions may no longer align with its contents. Keeping your will current is the only way to guarantee that your loved ones and dependants are adequately protected and that your estate is handled according to your latest wishes.
When Should You Update Your Will?
Understanding when to update your will is just as important as knowing why. Here are common life events that should prompt you to review and revise your will:
- Marriage or divorce: These events can automatically revoke or significantly impact existing wills under Victorian law.
- Birth or adoption of a child: You may wish to appoint guardians or provide specific inheritances.
- Property purchase or sale: If you have acquired or disposed of major assets, your will should reflect those changes.
- Changes in beneficiaries or executors: If a named beneficiary has passed away or your nominated executor is no longer suitable, revisions are required.
- Financial or business changes: Whether you have sold a business or received an inheritance, your will needs to cover new circumstances.
Failing to update your will after such events may result in your estate being distributed in ways you never intended.
What Happens If You Don’t Update Your Will?
If you do not keep your will up to date, your estate may not be distributed according to your current wishes. This can lead to:
- Disputes among family members and beneficiaries
- Assets are being left to unintended individuals
- Children or dependants not receiving appropriate care or support
- Increased legal complexity and delays in administering your estate
The legal advice for updating a will in Victoria is clear – regular reviews are essential. At McNab McNab & Starke, we work closely with clients to provide reliable, practical support for all will and estate planning in Victoria.
Life is unpredictable, but your estate plan does not have to be. Regularly reviewing and updating your will is a simple yet powerful way to ensure your wishes are respected, your family is cared for and your estate is managed with clarity. The importance of updating a will cannot be overstated – it brings peace of mind for both you and those you care about.
Contact McNab McNab & Starke today to review your current will or receive expert support with legal will updates in Victoria. Our team is here to guide you through every stage of your estate planning with care and professionalism.