A good rule of thumb is to review your estate plan every five years. However, it is important to review your will and possibly update it with each significant change in your life such as:
- Getting married or entering a defacto relationship – will you combine your assets or keep some separate?
- Buying a home – this is often your biggest asset so consider who it will be left to.
- Having children – who will you appoint as their guardian? When will they be allowed to take over their inheritance? Be aware that legally they will inherit at 18 unless otherwise specified.
- Getting divorced.