When should I review my Will?

Life is hardly ever stagnant. People get married, have kids, buy houses, and sometimes hit the lottery.

Circumstances in your life always change, and because of that, having a Will that doesn’t take into account those changes in your circumstances is hardly ever appropriate.Certainly a Will can be put together to take into account future circumstances, but it can’t possibly cater for everything.

As a general rule of thumb, you should review your Will (or if you don’t have one, you should draft one up!) on any of the following events:

  • Getting married, or entering into a long term de facto relationship
  • Moving house, or moving abroad
  • The birth of children or grandchildren in the family
  • The death of your spouse, partner or other family member of your family
  • On your children reaching the age of 18
  • Divorce or separation
  • On the sale of a significant asset, such as investment properties or family businesses
  • A significant change in personal finances, such as winning the Lotto or receiving some money from a Will
  • On your retirement
  • The death of your spouse, partner or other member of your family

In addition to this, it’s often a good idea to review your Will every five years or so. Lots of things can change in five years, after all.

Like we said – if you don’t have a Will – now’s a good time as any to get one sorted out.