Under what circumstances should I modify or revoke my will?

Some events which may cause you to consider modifying or revoking your will are:

• change in marital status: succession laws in Australia generally account for changes in circumstances such as marriage and divorce. However these laws vary between the states and will not account for your personal circumstances or intentions;
• births and deaths: updating a will to account for the birth of a child is very important, particularly if you intend on appointing a legal guardian for your child if anything happens to you and your spouse. A codicil may be sufficient if you already have children and will not be changing the guardian, but if it is for a first child and /or a new guardian, a new will should be written. Similarly, the loss of a loved one may require a redistribution of assets;
• new or disposed of assets: if you have bestowed certain gifts to people in your will, and you no longer have those properties, you should also amend your will accordingly.   .
  

FAQ Archive:

Can I make a gift for maintenance of my pet?

What happens to a superannuation benefit after the death of a member?

Why is it importance to use the right words in your will?

What is beneficiary?

Do beneficiaries have to keep special records when they inherit an asset?

As a sole executor of a will, what should I do if i cant track down assets mentioned in the will?

What is the purpose or benefit of creating a living will?

What is a gift fund? What types of gifts can I give?

What are some of the uses which can be made of my body after death?

Who can bring a family maintenance claim?

What are the key roles of an executor in administering an estate?

Back