Taking the time to create a will is an important first step in ensuring your wishes are carried out after your passing. However, it’s equally essential to review and update your will as life evolves, relationships change, and laws shift.
We often encounter questions about when wills should be reviewed, and we’ve prepared this short guide below to provide some clarity.
Marriage
A significant life event is a common catalyst for reviewing and updating your will. One of these life-changing events is marriage. In New Zealand, marriage automatically revokes an existing will unless it was specifically written in anticipation of getting married (see Section 18 of the Wills Act 2007). If an existing will is revoked or cancelled due to marriage and a new or updated will is not prepared before death, then the person is treated as having died intestate. Therefore, if you get married after creating a will, you must review and likely update it.
Children
The birth of a child is another momentous event that should prompt you to review and update your will. Ensuring your will includes provisions for your newborn, not only for their immediate care but also their financial future, is crucial. You may need to appoint a guardian or establish a trust for their benefit.
Similarly, as children grow up and reach adulthood, your will may need adjusting. They may no longer need a guardian, or you may want to include them in decision-making roles such as being an executor of your will.
Divorce and Separation
Divorce or separation is another scenario where it’s prudent to revisit and perhaps revise your existing will. If you are separated but not yet divorced, your will remains in effect, including any provisions for your spouse. This means that if you pass away while separated but not divorced, your spouse may still be entitled to any inheritance specified in your will. When your marriage or civil union is legally dissolved or annulled (e.g., you legally get divorced) any provisions in your will which refer to your ex-husband, ex-wife or ex-partner are automatically revoked.
Other significant changes
Other life circumstances that could necessitate a will review include the death of a beneficiary, changes in your financial situation, moving to another country and having assets in multiple countries, or the purchase of a significant asset such as a home. Also, if the named executor or trustee in your will is no longer able, willing, or suitable to serve in this capacity, you should review and update your will accordingly.
Remember, the goal is to ensure your will accurately reflects your current wishes and circumstances. Reviewing your will every 3 years allows you to account for new relationships, births, deaths, or changes in your wishes. Failing to update your existing will could lead to unintended consequences and potential legal disputes amongst your loved ones.
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