Is Your Will Showing Its Age?

September 24, 2026

Most people understand they should have a Will.

Fewer realise that once a Will is signed, it shouldn’t be forgotten.

Your Will that you prepared years ago may have been perfectly suited to your needs at the time, but life rarely stands still. Relationships evolve, families grow, assets accumulate, and legislation changes. A document that reflected your wishes 5, 10 or 20 years ago may no longer achieve the outcome you intend today.

In many cases, we see that an outdated Will can create almost as many challenges as having no Will at all and leaves a considerable mess behind for your loved ones.

Life Has Changed. Has Your Will?

Think back to when you last updated your Will.

Were you married? Single? Starting a family? Building your business? Perhaps your children were still in primary school, or you had just bought your first home.

Fast forward to today and your life may look very different.

We recommend reviewing your estate planning if it was made more than 5 years ago or whenever there has been a significant life event, including:

• marriage, separation or divorce;
• commencing or ending a de facto relationship;
• the arrival of children or grandchildren (or upon them turning 18 years of age);
• the death, incapacitation or change in circumstances of someone named in your existing Will;
• purchasing property, selling property or other substantial assets;
• starting a business, company or family trust;
• changes to your executor arrangements;
• moving interstate or overseas; or
• significant changes in taxation or succession laws.

Is a Quick Amendment Enough?

Sometimes a small change can be made through a codicil, which is a separate legal document that changes specific provisions of an existing Will.

However, in many cases a new Will is the better option. Modern estate planning goes beyond simply deciding who receives your assets. It also considers tax implications, asset protection strategies, succession planning and future family circumstances.

Even where nothing major appears to have changed, a regular review provides an opportunity to ensure your estate plan works effectively and aligns with your circumstances.

There May Be Tax Benefits Too

When people think about updating their Will, they often focus on who will inherit their assets. Recent changes in taxation legislation, including capital gains tax rules, may also affect the effectiveness of provisions contained in older Wills.

A review allows your estate planning adviser to identify whether your current arrangements remain appropriate and whether alternative structures may achieve a more favourable outcome.

The Cost of Leaving Things to Chance

Blended families, second marriages, de facto relationships, family businesses and complex asset holdings can all create unique estate planning challenges. Without careful planning, your assets may not end up where you expect, and the people you most want to protect may be left in the lurch.

A current Will provides your loved ones clarity around important decisions, including:

• who will administer your estate;
• how and when beneficiaries receive their inheritance;
• the protection of younger or vulnerable beneficiaries; and
• the management of family assets and investments.

Most importantly, updating your Will allows you to guide the outcome of your estate rather than leaving difficult decisions for family members to resolve during an already emotional time.

For advice on reviewing or updating your Will, please contact a member of our Estate Planning Team at Fox & Thomas.