How often a will needs updating depends on the circumstances of its author, who is known as the testator or testatrix. Once it is signed a will remains valid until it is revoked however over time an individual’s family structure and financial circumstances will change. This means that a will drafted a long time ago, even though it is still valid, may not accurately reflect the testator or testatrix’s current wishes.
Generally, you should review your will every 5-10 years to make sure you are happy with it. It is also a good approach to review your will upon the happening of major life events including:
- Getting married or divorced.
- Commencing or ending a de facto relationship.
- The arrival of children or grandchildren.
- Any significant change to your financial circumstances.
If you would like some advice about your will, please contact Althea at Hornsby Wills and Probate. Ph: 0410 485 277. Email: althea@hornsbywillsandprobate.com.au