When should you update your Will?
A checklist for Tasmanians
Your Will is one of the most important legal documents you'll ever create. But writing it once and forgetting about it can lead to unintended consequences—especially when your circumstances change. In Tasmania, certain events can partially or fully revoke your Will, while other life events simply make it wise to revisit your estate plan.
Legal Triggers: When it’s recommended you update your Will
These events may require you to update your Will. If it isn’t updated, it may be revoked or invalidated under Tasmanian law:
1. Marriage
Under legislation, marriage may partially or entirely revoke your existing Will—unless it was made in contemplation of that marriage.
2. Divorce
The same goes for divorce: divorce may partially or entirely revoke your existing Will—unless it was made in contemplation of that divorce.
3. Handwritten changes or markings
Written alterations to your Will after it has been formally signed may not be legally enforceable and legal costs may be significant as a result.
4. Physical damage to the Will
If your Will is torn or damaged, it may no longer be valid. Time to write a new Will!
Unintended or fraudulent destruction could lead to disputes around such an event. Having your Will in safe keeping with a professional executor is one way to prevent such a situation.
Important Life Events: When you should consider updating your Will
These events don’t legally make your Will invalid, but updating it can help avoid confusion, doubts or disputes around your wishes and intentions:
1. Separation (without divorce)
Your ex-partner may still inherit or act as executor unless removed.
2. Birth or adoption of a child or grandchild
Update your Will to include new family members and appoint guardians for any children who are under 18.
3. Death or incapacity of a named Executor, or Guardian
Their roles or gifts may need to be given to someone else if a named Executor or Guardian dies, becomes ill or lacks the capacity to fulfil their role.
4. Death or incapacity of a named Beneficiary
You may need to stipulate who will receive the assets in their place, or appoint a trustee to protect and manage the assets for someone who no longer has capacity.
5. Significant change in your financial circumstances
Acquiring or selling major assets, receiving an inheritance, or starting a business: a significant increase or decrease in your assets can affect how your estate should be distributed.
If you have sold an asset that has been specifically gifted, such as a home, you should update your Will to avoid confusion.
6. Change in superannuation and insurance nominations
Superannuation isn’t automatically part of the estate. If you change who you nominate as beneficiary with your super fund and other insurance policies, you may want to review whether this nomination in combination with your Will reflects the right balance.
7. Entering a new relationship or blended family
Revisit your Will if you want to ensure both new relationships and any children from previous relationships are adequately provided for. This clarity can help avoiding inheritance disputes.
8. Change in charitable giving intentions
You may want to add, change or remove a charitable bequest, or establish a charitable trust or foundation.
9. An appointed Executor or Guardian is no longer suitable
Being an Executor or Guardian can be challenging for family and friends. They may decide they no longer wish to be nominated in these roles, or you may have found someone else more suitable. Then it’s time to update your Will.
You may also wish to appoint an independent professional Executor such as TPT Wealth, if you feel the estate may be complex to administer or want to relieve the burden on your family or friends.
10. It’s been more than 2–3 years since your last review
Even without major life changes, regular reviews help ensure your Will remains relevant and reflects your current intentions.
Still unsure? We can help!
Your Will should evolve as your life does. Whether it’s a legal necessity or a strategic update, keeping your Will current ensures your wishes are honoured and your loved ones are protected.
If you're unsure whether your Will needs updating, speak with one of our friendly estate planning professionals at TPT Wealth. A quick review today could save your family from stress and confusion tomorrow.
Please read:
The above information is general in nature and not intended to provide advice to particular individuals, or take into account an individual’s personal objectives, circumstances and needs for consideration. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information.
