When Should You Review Your Will and Estate Plan?
You may have put your Will in place years ago and felt relieved to have it done. Since then, you might have bought a home, welcomed a child, separated from a partner or changed your mind about who should make decisions for you.
A Will does not usually become outdated simply because a certain number of years have passed. What matters is whether it still reflects your circumstances and wishes.
The same question applies to other parts of your estate plan, including an Enduring Power of Attorney, an Advance Care Directive and any superannuation death benefit nomination.
If it has been a while since you looked at these documents, or something important has changed, here are the signs that a review may be worthwhile.
Your family or relationships have changed
Marriage, separation, divorce, a new relationship, the birth of a child or the death of someone close to you can all prompt a review.
Perhaps your Will names a former partner, or it was made before your children were born. You may now be part of a blended family and want to consider how your plan supports the people who matter to you.
Relationship changes can also affect the legal operation of a Will in South Australia. Because the outcome depends on your circumstances and the wording of your documents, it is sensible to seek advice instead of assuming an old Will may still work as intended.
The people you appointed may no longer be the right fit
Your estate plan is about more than who receives your assets. It also names people to carry out responsibilities on your behalf.
An executor manages your estate after you die. An attorney appointed under an Enduring Power of Attorney can make financial and legal decisions within the authority you have given them. An Advance Care Directive may name someone to make certain decisions about your care if you cannot make them yourself.
Ask yourself: Do I still trust these people to act for me? Are they willing and able to take on the role? If you appointed two people to act together, would that arrangement still work in practice?
Someone may have moved away, become unwell or died. Your relationship with them may simply have changed. Any of these can be a good reason to check your documents.
Your assets or financial arrangements have changed
A home purchase, property sale, business, family trust, significant inheritance or major change in debt may affect what your estate plan needs to address.
It is also worth checking how your assets are owned. For example, an asset held jointly may be dealt with differently from one held in your name alone. Superannuation does not automatically pass under your Will, so your nomination with your super fund deserves its own review. Some nominations can expire, depending on their type and the fund’s rules.
You do not need to work out all of these details yourself. A review is an opportunity to identify what you own, how it is held and whether your documents work together.
A beneficiary’s needs have changed
The people you want to provide for may be the same, while their circumstances are very different.
A child named in your Will may now be an adult. A beneficiary may need additional support, or you may have concerns about how a large inheritance would be managed. You might also want to revisit arrangements you made when your children were young.
These changes do not automatically mean your Will needs replacing. They are reasons to check whether the plan you made still achieves what you intended.
You cannot remember what your documents say
If you are unsure who you appointed, who benefits under your Will or where the original is stored, take that as a useful prompt to look again.
You can start by finding your Will and other planning documents, then asking yourself:
Does my Will reflect my current family circumstances?
Are the people I appointed still the people I would choose?
Have I checked my superannuation nomination with my fund?
Do I know where the original documents are kept?
If anything is unclear, an estate planning review can help you understand what is already in place and whether any changes are needed.
How often should you review your estate plan?
A practical approach is to revisit it every few years and after a significant life change. You do not need to wait for a scheduled review if something has happened that could affect your wishes or your documents.
A review does not always mean starting again. Your documents may still suit you. You may need a limited update, or you may discover that a broader change would better reflect your circumstances. The first step is finding out where you stand.
At Brite Legal, we help South Australian families make estate planning feel clear and manageable. If your life has changed or you are unsure whether your documents still fit, book an Estate Planning Consultation to talk through your circumstances.
This article provides general information and is not legal advice. The effect of your documents depends on your individual circumstances.
Written by Brite Legal
Reviewed by Jess Feast , Solicitor
Jess is a solicitor at Brite Legal, assisting clients with estate planning, family law, property settlement and mediation matters across South Australia.
This article has been legally reviewed to help ensure the information is accurate and up to date at the time of publication.