Updating Your Will – Life Changes That Demand a Second Look

Many New Zealanders breathe a sigh of relief once they’ve finally written their will. Job done. But the reality is that wills are not “set and forget” documents. Life evolves, and so must your estate planning.

Why updating your will matters
A will is a living document – it can and should evolve with you. Outdated wills can lead to unintended outcomes, overlooked beneficiaries, and even legal challenges.

Regular updates and reviews ensure:

• Your wishes are accurately reflected.
• Assets are appropriately distributed.
• Family dynamics are accounted for.
• Legal obligations are met.

When should you review your will?
At a minimum, best practice is to review your will every three (3) to five (5) years or after any major life event. Common triggers include:

• Marriage or entering a civil union: Under the Wills Act 2007, marriage or civil union generally revokes a prior will unless it is explicitly made in contemplation of that marriage.
• Separation or divorce: Many people forget that relationship changes may invalidate certain provisions – or worse, leave unintended beneficiaries in place.
• Children or grandchildren: New family members often prompt changes in financial provision or guardianship appointments.
• Property changes: Buying, selling, or restructuring ownership of homes and investments impacts the estate’s value and manner of distribution.
• Business interests: For shareholders, directors, and business owners, succession planning is crucial to avoid disputes.
• Health changes: Long-term illness or new medical considerations may influence estate decisions.

Will Review Checklist
Use this checklist as a starting point when reviewing your will. If you answer ‘yes’ to any of the following, it’s time to seek legal advice and update your will.

1. Has your family situation changed?

• Have you married, separated, divorced or entered a new relationship?
• Have you had children, grandchildren, or lost a family member?
• Are there stepchildren or blended family members to consider?

1. Have your assets changed significantly?

• Have you bought or sold property, businesses, or major assets?
• Do you now have investments, trusts, or foreign property?
• Is your KiwiSaver included?

1. Are your beneficiaries still appropriate?

• Do you still want to leave assets to the same individuals or charities?
• Have any beneficiaries passed away or fallen out of touch?
• Do any of your beneficiaries now have special needs that may require careful planning?

1. Have your executors or guardians changed?

• Are your named executors still available and suitable?
• Do you have at least one suitable backup executor or co-executor?
• Have your guardianship preferences for your children changed?

1. Are there new legal or tax considerations?

• Have there been changes in NZ estate law?
• Do you need to consider asset protection or family trust strategies?
• Are there implications under relationship property or inheritance laws?

Other factors to consider
While reviewing your will, it is prudent to consider whether your digital assets (i.e. email accounts, social media accounts, cryptocurrency and online subscriptions) should be addressed. Have you spoken to your family about your funeral / burial wishes. Also, have you considered whether you have any charitable gifts you want to make on your death.

Final thoughts
Your will is one of the most important documents you’ll ever sign. Keeping it current isn’t just good planning, it’s a sign of care and responsibility for those you leave behind. If it’s been a few years, or life has changed significantly, don’t wait. A simple review today can prevent major issues tomorrow.

The experienced team at MoranLaw can help you review and update your will to ensure they remain fit-for-purpose. Get in touch today.