A will is not a “set and forget” document—it should be reviewed and updated to reflect significant life changes. In Victoria, there are key events that may require you to change your will to ensure it remains valid and aligned with your intentions.
Key Life Events That Require Updating Your Will
- Marriage or Entering a De Facto Relationship
In Victoria, getting married automatically revokes your existing will unless it was made in contemplation of marriage. This means if you don’t update your will after marriage, your estate may be distributed according to intestacy laws rather than your preferences.
If you enter a de facto relationship, your partner may have legal rights to your estate, but without an updated will, your wishes may not be clearly documented.
- Divorce or Separation
While divorce does not automatically revoke your entire will, it does cancel any provisions related to your former spouse, such as gifts or their role as executor. However, if you separate but do not legally divorce, your ex-partner may still inherit assets unless you revise your will.
To avoid unintended consequences, update your will as soon as your relationship status changes.
- Having Children or Expanding Your Family
Welcoming a child is a major life event that should prompt a will update. Your will should:
- Name a guardian for minor children.
- Ensure your children are financially supported according to your wishes.
- Reflect changes in asset distribution, especially if you previously allocated everything to your partner or other beneficiaries.
This applies whether you have biological, adopted, or stepchildren you wish to include in your estate planning.
- Changes in Assets or Financial Circumstances
Your will should accurately reflect your current financial situation, including significant changes such as:
- Purchasing or selling property.
- Acquiring or disposing of valuable assets (e.g., businesses, investments, vehicles).
- Receiving an inheritance.
- Significant debt changes that may impact estate distribution.
If an asset listed in your will is no longer in your possession, this could lead to unintended gaps in your estate plan.
- Death of a Beneficiary or Executor
If someone named in your will—such as a beneficiary, executor, or guardian—passes away or becomes incapable of fulfilling their role, you should revise your will to appoint a new individual.
- Moving to Another State or Country
Different states and countries have varying laws regarding wills and estates. If you relocate from Victoria to another jurisdiction (or vice versa), it’s essential to review your will to ensure it remains valid under local laws.
- Changes in Your Business or Superannuation
If you own a business, any major changes—such as selling, restructuring, or passing it down—should be reflected in your will. Additionally, superannuation and life insurance policies often do not automatically form part of your will, so it’s important to ensure your beneficiary nominations align with your estate plan.
How Often Should You Update Your Will?
A general rule of thumb is to review your will every 3 to 5 years or whenever a significant life change occurs. If you’re unsure whether an update is needed, seek legal advice to ensure your will accurately reflects your current wishes.
Need Help Updating Your Will in Victoria?
If you need assistance drafting or updating your will, our Wills & Estates team is here to help. Contact us today at (03) 9311 8911 for legal advice.
Disclaimer: This article provides general information only and does not constitute legal advice. Please consult a solicitor to discuss your specific circumstances.
