Writing your estate plan is a solid first step – but it’s not a one-and-done job. Life moves fast, and an estate plan that perfectly reflected your situation five years ago might be dangerously out of date today.
We’ve seen it time and again: people set up a will and a few nominations, tuck the documents away, and never look at them again. Then something changes – a new relationship, a new baby, a business sale – and suddenly the plan they have in place doesn’t match the life they’re living.
Here are seven clear signs that it’s time to get back in touch with a Brisbane estate planning advisor and give your plan a proper review.
Sign 1: You've Recently Married or Entered a De Facto Relationship
Marriage automatically revokes any existing will in Queensland. That means if you got married and haven’t updated your will since, you technically have no valid will — and your estate will be distributed under intestacy rules.
Starting a de facto relationship doesn’t revoke your will, but it does change your legal obligations. Your de facto partner may have grounds to make a family provision claim if they feel your existing will doesn’t adequately provide for them.
Either way, a significant relationship change calls for a fresh look at your entire estate plan – not just your will, but your super nominations, life insurance beneficiaries, and powers of attorney.
Sign 2: You've Separated or Divorced
Here’s one that surprises a lot of people: separation alone does not automatically change your will in Queensland. If you’ve separated but not yet legally divorced, your former spouse may still inherit under your existing will.
Divorce does affect certain aspects of your will – gifts to a former spouse are generally revoked – but it doesn’t cancel the entire document, and it has no effect on your superannuation nominations. Those must be updated separately and directly with your super fund.
After any relationship breakdown, reviewing your estate plan with a qualified estate planning advisor should be a priority – ideally before the legal proceedings are finalised.
Sign 3: You've Had a Child or Grandchild
Adding a new family member is one of the most common reasons to update an estate plan, and one of the most commonly overlooked. Your existing will may not mention your new child at all, leaving their inheritance to the courts to determine.
Beyond the will, think about:
- Who you’ve appointed as guardian for your children if something happens to you
- Whether a testamentary trust would protect inherited assets until your children are mature enough to manage them
- Whether your superannuation nominations reflect your current family situation
If you have young children, estate planning isn’t just about money – it’s about making sure the right people are in place to look after them.
Sign 4: Your Financial Situation Has Changed Significantly
Bought a property? Sold a business? Received an inheritance? Accumulated significant superannuation? Any major shift in your financial position means your estate plan may no longer be appropriate.
A plan designed when your estate was worth $300,000 may not work efficiently when it’s worth $1.5 million. Tax considerations change, distribution decisions become more complex, and the structures that protect your assets need to scale with your wealth.
Our estate planning services in Brisbane include a full review of your financial position to ensure your plan is aligned with your current reality — and our personal tax team can flag any CGT or income tax considerations along the way.
Sign 5: A Beneficiary or Key Person in Your Plan Has Died
If someone named in your will has passed away – whether a beneficiary, executor, or guardian – your plan needs to be updated. Depending on your will’s terms, a deceased beneficiary’s share may fall into the residue of the estate, pass to their children, or create unintended complications.
Similarly, if an executor or trustee named in your will has died or is no longer capable of carrying out the role, you need to appoint a replacement. Having no functioning executor can significantly delay and complicate the administration of your estate.
Sign 6: You've Started or Significantly Changed a Business
If you’re a business owner, your estate plan should always reflect the current state of your business. This is particularly important if:
- You’ve taken on a business partner
- You’ve changed your business structure (from sole trader to company, for example)
- Your business has grown substantially in value
- You’ve acquired commercial property or significant business assets
- You’re planning an exit or succession in the next few years
Business succession planning is a specialist area, and it needs to be integrated with your personal estate plan. An estate planning advisor who understands the commercial side of things – like our team at WOW Advisors – can make sure both dimensions are covered.
Sign 7: It's Been More Than Three Years Since You Last Reviewed
Even if nothing dramatic has changed in your life, estate plans should be reviewed regularly. Tax laws change, superannuation rules are updated, and new strategies become available that could benefit your family.
Binding death benefit nominations typically expire every three years — if yours has lapsed, your super nominations are no longer legally binding. That alone is reason enough to check in with your estate planning advisor every couple of years.
Think of it like a regular check-up. You don’t wait until something goes wrong — you go in regularly to make sure everything is still tracking well.
What to Do Next
If any of the above rings true for you, don’t put it off. Estate planning is one of those things that always feels like it can wait – until it can’t.
At WOW Advisors, our estate planning services in Brisbane make the review process straightforward. We’ll sit down with you, understand what’s changed, and update your plan so it reflects your life as it is now – not how it was when you last signed the documents.
You can also use our financial planning review service as a starting point to get a complete picture of your current position before diving into the estate planning specifics.
FAQ
How long does it take to update an existing estate plan?
For straightforward updates — changing a beneficiary, updating an executor, renewing a BDBN — the process can often be completed in one or two meetings over a couple of weeks. More complex updates, such as restructuring a testamentary trust or coordinating business succession changes, may take longer.
Does getting divorced automatically update my will in Queensland?
Partially. In Queensland, divorce revokes gifts to a former spouse and their appointment as executor, but does not revoke the entire will. The rest of the will remains in effect. Super nominations and life insurance beneficiaries are not affected by divorce at all – these must be updated separately.
What happens if my executor dies before me?
If your sole executor predeceases you and you haven’t updated your will, the court will appoint an administrator to manage your estate. This can cause delays and additional costs. Naming a backup executor (or substituting a professional executor) in your will is a simple way to avoid this.
Can I update my will myself, or do I need a professional?
Technically, you can add a codicil (amendment) to your will without professional help, but it’s easy to make mistakes that invalidate the changes or create ambiguity. For anything beyond the most minor update, working with a qualified estate planning advisor is strongly recommended.
I set up a testamentary trust years ago. Does it need to be updated?
Yes, Testamentary trusts should be reviewed whenever your financial or family situation changes. Changes to tax law can also affect the efficiency of trust structures, so periodic reviews with your estate planning advisor are important.
My super balance has grown a lot. Does that change my estate plan?
Potentially, yes. A larger super balance means larger tax implications for non-dependent beneficiaries, and the stakes of having the wrong nomination in place are higher. Reviewing your BDBN and considering strategies to minimise the tax impact on your estate is well worth the effort as your super balance grows.
