New Financial Year, New Wills Check In
A new financial year tends to put review mode on everyone’s mind — bank statements, budgets, super contributions. It’s also, conveniently, one of the easiest times of year to remember to do something people put off for years: check whether your will still reflects your life.
Why EOFY Is a Good Trigger for a Wills Review
Most people don’t think about their will from one year to the next unless something prompts them. Tying it to a date you already mark on the calendar — like the start of a new financial year — makes it far more likely to actually happen. A five-minute mental check-in each July can save your family significant stress, cost, and uncertainty later.
What to Check This Financial Year
A wills review doesn’t need to be complicated. Ask yourself whether anything has changed since you last looked at it: a marriage, separation or divorce, a new child or grandchild, a change in your assets (a new property, business, or investment), or a change in who you’d want as executor or guardian for your children. If your named executor has passed away, moved overseas, or you simply no longer feel confident in the choice, that’s worth updating too.
What Happens If You Don’t Update It
An outdated will can still be legally valid, but it may no longer reflect what you actually want. In Western Australia, marriage generally revokes an earlier will unless it was made in contemplation of that marriage, while divorce can affect provisions made for a former spouse. If your will hasn’t been reviewed in several years, there’s a reasonable chance it no longer matches your circumstances or intentions.
If it’s been a while since you’ve looked at your will — or you’ve never made one — the start of the financial year is as good a prompt as any. Book a consultation with Joss Legal and we’ll walk through what, if anything, needs updating.