There is no golden rule as to how often you should update your Will. It can be reviewed as often as you’d like however we typically recommended that you review it at least every 3-5 years to ensure it still reflects your wishes and current circumstances. There are some reasons why you may need to update your Will sooner. Some of those reasons are:-
- you get married, start a de facto relationship or enter into a civil partnership
- you separate from your spouse, get divorced, your marriage is annulled or you end a de facto relationship or civil partnership
- your assets or financial circumstances change
- you start a company or become a shareholder in a company
- any person named as a beneficiary in your Will passes away
- any person named as an executor, trustee or guardian passes away or becomes unable or unwilling to act due to age, ill-health or any other reason
- you want to change your beneficiaries, executors, trustees or guardians named in your Will (i.e. you have a child)
- you make a binding death benefit nomination on your super policy to pay the proceeds of your superannuation into your estate.
If you would like to make an appointment to review your estate plan with one of our solicitors please call 4771 5664 or email law@connollysuthers.com.au