Key Takeaways
- Your estate plan should be reviewed whenever significant life events occur.
- Marriage, divorce, having children, acquiring assets or selling a business can all affect your estate planning needs.
- An outdated Will may no longer reflect your wishes or adequately protect your loved ones.
- Estate planning involves more than a Will. Powers of attorney, enduring guardianship appointments and your superannuation nomination should also be reviewed.
- Regular reviews help ensure your assets are distributed according to your intentions and can reduce the risk of disputes.
Why Estate Plans Shouldn’t Be Set and Forget
Many people create a Will and assume their estate planning is complete. However, life rarely stays the same.
Relationships change, families grow, assets are acquired and businesses evolve. If your estate plan doesn’t keep pace with these changes, it may no longer achieve the outcomes you intended.
An outdated estate plan can lead to:
- Assets passing to unintended beneficiaries
- Increased risk of family disputes
- Delays in administering your estate
- Unnecessary tax consequences
- Insufficient protection for vulnerable beneficiaries
Reviewing your estate plan regularly is one of the most important steps you can take to protect your family and your legacy.
When Should You Review Your Estate Plan?
As a general rule, you should review your estate plan every three to five years, even if your circumstances have not changed significantly.
However, certain life events should trigger an immediate review.
Marriage or Entering a New Relationship
Marriage has a significant impact on estate planning.
In NSW, marriage can revoke an existing Will. This means a will prepared before marriage may no longer operate as intended.
If you marry or enter a serious long-term relationship, it is important to review:
- Your Will
- Powers of attorney
- Enduring guardianship appointments
- Superannuation beneficiary nominations
This ensures your new relationship is properly reflected in your estate planning arrangements.
Separation or Divorce
Separation and divorce are among the most common reasons to update an estate plan.
Many people are surprised to learn that certain provisions involving former spouses may continue to have legal effect if documents are not updated.
Following separation or divorce, you should review:
- Beneficiary appointments
- Executor appointments
- Powers of attorney
- Enduring guardianship appointments
- Superannuation nominations
This helps ensure your former partner does not retain responsibilities or benefits that no longer reflect your wishes.
You may also find it helpful to read our guide on Contesting a Will in NSW: What Are Your Rights https://www.berrymanpartners.com.au/blog/contesting-a-will-in-nsw-what-are-your-rights/
Having Children or Grandchildren
The arrival of children or grandchildren often changes a person’s priorities significantly.
Parents should consider:
- Who will act as guardian for minor children
- How assets will be managed for children
- Whether testamentary trusts should be established
- When children should receive their inheritance
Without clear planning, assets may be distributed in ways that do not adequately protect younger beneficiaries.
Grandparents may also wish to make specific provisions for grandchildren as their family grows.
Buying or Selling Property
Property ownership is often a significant component of an estate.
If you:
- Purchase a home
- Acquire investment properties
- Sell substantial assets
- Transfer ownership interests
your estate plan should be reviewed to ensure those assets are appropriately addressed.
Property ownership structures can also affect how assets pass upon death, making legal advice particularly valuable.
Starting, Growing or Selling a Business
Business owners often overlook estate planning until a major event occurs.
If you:
- Start a business
- Bring in business partners
- Expand operations
- Sell a business
- Retire from business ownership
your estate plan should be updated accordingly.
Business succession planning is particularly important where family members, business partners or key employees may be affected by your death or incapacity.
Without proper planning, uncertainty can create disruption for both your family and the business itself.
Learn more about our estate planning services: https://www.berrymanpartners.com.au/wills-and-estate-planning/
Significant Changes in Financial Circumstances
Major changes in wealth should also trigger a review.
Examples include:
- Receiving an inheritance
- Winning compensation claims
- Acquiring significant investments
- Receiving a business sale payout
- Entering retirement
As your asset base changes, so too may the strategies required to protect and distribute your estate effectively.
Changes in Health or Capacity
Estate planning is not only about what happens after death. It also involves planning for periods of incapacity.
If your health changes, it is important to review:
- Enduring powers of attorney
- Enduring guardianship appointments
- Advance care planning arrangements
Ensuring the right people are authorised to make decisions on your behalf can provide valuable peace of mind.
You may also wish to read our guide on Power of Attorney Explained: Who Needs One and Why: https://www.berrymanpartners.com.au/blog/power-of-attorney-explained-who-needs-one-and-why/
Common Estate Planning Documents to Review
When updating your estate plan, consider reviewing:
Your Will
Ensures your assets are distributed according to your current wishes.
Power of Attorney
Allows someone you trust to manage financial and legal affairs if you lose capacity.
Enduring Guardianship
Appoints a person to make lifestyle and medical decisions on your behalf.
Superannuation Nominations
Determines who receives your superannuation death benefits.
Trust Structures
Ensures trusts continue to align with your family and financial circumstances.
How Berryman Partners Can Help
At Berryman Partners, we help individuals and families across Newcastle, Lake Macquarie and the Hunter region keep their estate planning arrangements current and effective.
Our team can assist with:
- Updating Wills
- Reviewing powers of attorney and enduring guardianship documents
- Estate planning advice following marriage, separation or retirement
- Business succession planning
- Asset protection and family wealth planning
We take the time to understand your circumstances and ensure your estate plan continues to reflect your wishes as life changes.
Final Thoughts
Life changes. Your estate plan should change with it.
Whether you’ve recently married, divorced, welcomed children, sold a business or experienced a significant financial change, reviewing your estate planning documents can help protect your family and ensure your wishes are carried out.
At Berryman Partners, we provide practical estate planning advice tailored to your circumstances. Contact us today to review your estate plan and ensure it remains up to date.
This blog was written by Associate,
Jessica Benson
Jessica practises in the areas of Family Law, Wills & Estate Planning,
Deceased Estates and Will disputes
