How often should you update your will?
Review your will every 3 years, or whenever a major life event happens. Some changes force a rewrite – others need a simple codicil.
Review your will every 3 years at minimum. Update it immediately after marriage, divorce, the birth of a child, a property purchase, a business formation, or a significant change to your assets.
Why 3 years?
Tax laws, family circumstances, and asset structures change over time. A will drafted when you had two children won't address the grandchildren who came later. A will signed before you started your business won't address succession for that business. A will signed before your father died won't reflect that you've inherited his house.
Life events that force a review
Marriage
Under section 20A of the Wills Act 1936 (SA), marriage generally revokes a prior will – unless the will was made in contemplation of that marriage. A new will is almost always needed.
Divorce
Divorce doesn't revoke a will, but it does affect gifts to the former spouse. Under section 20B, gifts to a former spouse and appointments of them as executor or trustee are generally revoked on divorce – but only ‘divorce', not separation. Review immediately on separation.
Birth or adoption of a child
New children need guardianship appointments, potentially testamentary trust structures, and adjustments to beneficiary shares. A will drafted before they existed probably doesn't address them.
Death of a beneficiary or executor
If a primary beneficiary dies, the gift typically passes to substitutes – if you named any. If you didn't, the gift may fall into residue. Executors should also be replaced if the primary has predeceased you.
Significant asset changes
A new business, sale of a major asset, purchase of a second property, or inheritance that substantially increases your estate – all are reasons to review.
Family conflict or estrangement
If relationships have changed, the will should reflect that. Estranged family members may still have claims under family provision law, but the will should clearly reflect your current intent.
Codicil vs new will
A codicil is a formal amendment to an existing will. It's useful for small changes – adding a beneficiary, changing an executor. For larger changes, a new will is cleaner and less likely to create interpretation issues.
Summary
Estate planning isn't ‘set and forget'. Reviewing every 3 years, and after any major life event, keeps your will aligned with your current circumstances. Most reviews either confirm the will still works, or identify specific updates worth making.
Talk to Sam about your situation
If this article raised questions for your own circumstances, Sam Michele offers free 20-minute initial consultations. Learn more about our wills service, or book a consultation.
Related reading
Disclaimer: This article is general information only and does not constitute legal advice. Estate planning is deeply personal - every family's circumstances are different. For advice specific to your situation, please contact Rosewood Succession Solicitors.