Once I have made my will how often does it need to be updated?

• The general rule of thumb is that a will should be reviewed every five years and if necessary it should be updated.
• However if a life changing event occurs in the testator’s life the will should be updated accordingly. Life changing events include:
  • a beneficiary or executor dying;
  • a new beneficiary being born for example a child or grandchild;
  • a specific gift is sold; or
  • the testator marries.
• Importantly a binding death nomination for a superannuation fund or life insurance policy expires every three years. A new binding death nomination will need to be made at that time. This time may be used as a prompt to check the currency of a will as well.
• You could use our Fixed Fee Quote service to call for tenders from lawyers to help you draft your will and take care of your testamentary needs.