Keeping your Will up-to-date is important not only to make sure that your executor knows your most current wishes, but also in ensuring that your Will is still valid (as many life events such as marriage or divorce may invalidate your Will).
Professionals advise their clients to update their will every 2-3 years, however our legal advisers recommend you update it if any of the following events occur:
- Your family structure changes - marriage, divorce & separation, having children, etc.
- Any of your beneficiaries, executors or guardians pass away or are unwilling to act in their role.
- You acquire or sell any major assets that need to be reflected in your Will.
- You sell any property you have gifted under your Will
- You wish to change your executor(s)
- You wish to change your guardian(s).
Other reasons to regularly update your Will include:
- You want to update any of your wishes, such as funeral instructions, guardianship instructions, or specific gifts
- You want to include or update new notes to your loved ones that weren't included in the last Will that you made
- To update your asset information in order to assist your executors in locating and identifying your assets when they administer your estate.
- To keep all contact details up to date, making your executor's life much easier when the time comes. This includes the full legal name, residential address and email address of your beneficiaries, guardians and executors. This is important for identifying and notifying these people of their presence in your Will. We will never contact these people without your permission.
For the first time in Australia, Safewill's subscription service allows you to update your Will whenever you need, and receive a new Will right away to print and sign.
Click here to find out more about the benefits of updating your Will regularly with a Safewill's Subscription.