Can you set and forget your estate plan?

In simple terms no, you cannot simply set and forget your estate plan.

Many clients will come into the firm and update their estate planning documents and believe that is all they need to do. They can simply leave and forget about it. Whilst documents may not need to be updated regularly, they need to at least be considered regularly by individuals to ensure they are still relevant to their current life circumstances.

Clients may not realise, but events in their life can trigger a review to their estate plan.

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Changes in Relationships

In Victoria, many people are unaware that getting married automatically revokes their existing Will—unless the Will was specifically made in contemplation of marriage. This means that if you marry after signing your Will and it does not contain the necessary clauses, your Will may become invalid, and you risk dying intestate (without a valid Will). For more information on what happens if you pass away without a Will, see our related blog post.

Additionally, divorce has a substantial impact on your Will. In Victoria, divorce revokes any clauses that leave assets to your former spouse or appoint them as Executor. While this may reflect your intentions post-divorce, it can also result in an incomplete Will, potentially allowing the laws of intestacy to override some of your wishes.

Regularly reviewing your estate planning documents ensures that your intentions are clear and legally effective, providing peace of mind for you and your loved ones.

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Changes to Family Structure

Significant changes in your personal relationships—such as entering a new partnership, separation, or a falling out with a family member—should prompt a review of your Will, Enduring Power of Attorney, and Appointment of Medical Treatment Decision Maker. It is important to ensure that the individuals you have appointed as your Executor or attorney are still those you trust and wish to act on your behalf. You may also need to update the gifts in your Will to reflect changes in your relationships with beneficiaries.

Similarly, changes in family structure, such as the birth of children or grandchildren, or the passing of family members, are key moments to revisit your estate planning documents. Welcoming new family members may mean including them as beneficiaries or appointing them to important roles, while the loss of someone previously named in your Will or other documents may require you to update appointments or redistribute gifts. Keeping your estate plan up to date ensures that your wishes are accurately reflected and your loved ones are properly provided for.

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Changes to Assets

Changes to your assets is another important reason to review your estate planning documents. If your estate has grown significantly, it may be more appropriate to consider more sophisticated structures such as a Testamentary Trust to protect and manage your wealth for future generations. For more information on what a Testamentary Trust Will is, see our related blog post.

Conversely, if certain assets have been sold or no longer exist – such as property or investments previously gifted in your Will – your estate plan may need to be updated to reflect current holding.

Additionally, changes in your financial circumstances, such as establishing trusts, purchasing businesses or establishing a self-managed superannuation fund, can all impact the effectiveness of your existing Will and related documents. Regularly reviewing your estate plan ensures that it accurately reflects your wishes and the reality of your financial situation.  

Changes in the lives of your Beneficiaries  

Changes in your beneficiaries’ circumstances can also prompt the need to review your Will. For example, if a beneficiary marries, divorces, experiences a family breakdown, or faces financial difficulties such as bankruptcy, it may be necessary to reconsider how your estate is distributed.

Other situations, such as a beneficiary entering a high-risk profession, developing issues with spending or addiction, becoming estranged from you, can all impact your original intentions. Additionally, if a beneficiary passes away or has children of their own, you may wish to update your Will to reflect this change and ensure your estate is distributed according to your current wishes. Regularly, reviewing your Will considering you beneficiaries’ changing circumstances helps to protect your legacy and the interests of your loved ones.

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Changes in Legislation

Lastly, changes to legislation can have a significant impact on your estate planning arrangements. Regularly reviewing your Will and related documents with our experienced team of lawyers ensures that your document reflect current legislation.

If you require assistance with estate planning or updating your will, please reach out to our office on 03 5623 5166 to schedule an appointment with one of our Estate planning Lawyers or you can book online here.

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Disclaimer: The information in this post is general in nature. This does not constitute legal advice and should not be relied on as such. Please contact one of our Lawyers if you are seeking advice about a specific legal matter.