The will I wrote in 2018 was already wrong by 2020. We'd had another child. The named guardian had moved interstate. The super fund I'd named had been swallowed by a merger. None of these were dramatic. All of them mattered.
A will is not a one-and-done document.
The two triggers: time-based and event-based
Time-based. Re-read every five years, minimum. If you're over 60 or have a complex estate, drop the interval to three years.
Event-based. When specific things happen in life, the paperwork has to be touched.
The events that demand a review
These are the eight that should trigger the laptop coming out within a fortnight.
1. Marriage. A new marriage automatically revokes most existing wills in Australia. Without a fresh will, you've effectively died intestate.
2. Separation or divorce. Divorce automatically revokes any gifts to the ex-spouse. Separation (without a divorce decree) does nothing automatically. The most dangerous window is during separation: the will still treats the soon-to-be-ex as the primary beneficiary.
3. New child. A new will, or at least an update, every time a child arrives.
4. Buying or selling a house. A house is usually 60-80 percent of a man's net worth.
5. Starting or selling a business. Business interests are governed by trust deeds and shareholder agreements, not the will.
6. Partner change. New partner, de facto threshold passed, spouse passes away.
7. Major asset shift. Inheritance from your parents. A windfall. A material loss.
8. Age milestones. 50, 60, 70 each carry their own rethinks.
What "review" actually means
A review isn't a rewrite. Most reviews end with no changes. The point is to look.
The 30-minute review checklist:
- Read the will, top to bottom.
- Check the named executor and backup.
- Check the named guardians.
- Check the asset list.
- Check super and life insurance nominations.
- Check the EPOA and ACD.
- Check the letter to the family.
If everything checks out, write a one-line note in your calendar and move on.
What to do when the review finds something
Three categories of change:
Category 1: The thing fixes itself by updating an external system. Wrong super beneficiary nomination. Outdated phone number. Just log in and fix.
Category 2: The thing requires a will update via codicil or replacement. Different executor, different guardian. A codicil costs $200-$400. A new will costs $400-$1,500.
Category 3: The thing requires a structural rethink. New marriage. New business. Significant change in family circumstances. Specialist solicitor.
The calendar that does the work for you
Title: "Estate plan check." Frequency: every five years. Recipients: you, your partner.
Underneath that, a one-paragraph note in the reminder body:
"Read the will. Check executor, guardians, asset list. Log in to super funds and confirm binding nominations are current. Read the letter to family and update phone numbers."
A man who does this from age 35 to 75 has reviewed his estate plan eight to twelve times. Each pass takes thirty minutes. Six hours, spread across forty years.
Set the reminder. Read the will. Update the small things.
Further watching
- 01Re-read every five years minimum (three if over 60). Plus event-based reviews when life changes.
- 02Eight events demand an immediate review: marriage, separation, new child, buying or selling a house, starting or selling a business, partner change, major asset shift, age 50/60/70.
- 03A review isn't a rewrite. Most reviews end with no changes. The point is to look.
- 0430-minute checklist: read the will, check executor and guardians, check asset list, log in to each super fund, check EPOA and ACD.
- 05Set one recurring calendar reminder. Six hours across forty years keeps the most important paperwork in your life current.
The baseline review cadence for your estate documents is: