Retirement is a time of reflection and transition, which makes it the ideal stage to review your Will in retirement. A Will is not a set-and-forget document; instead, it should evolve as your life, family, and finances change.
Each year, Wills Week 2025 (1–7 September) reminds older Australians that a Will isn’t a set-and-forget document. This year’s theme, “Life changes, so should your Will”, highlights the importance of keeping estate plans up to date.
Why Retirement Is the Right Time to Review Your Will
Retirement often brings major shifts in lifestyle, finances, and family circumstances. Failing to update your Will can leave behind confusion, disputes, or even financial hardship for loved ones. According to the Queensland Public Trustee, while nine in ten Australians over 65 have a Will, one in three have never updated it.
Key Life Changes That Impact Your Will
Accessing Superannuation
Superannuation is often the largest asset for retirees. However, superannuation is not automatically covered by your Will unless you make a binding death benefit nomination. If this conflicts with your Will, it can cause disputes among beneficiaries. Therefore, reviewing your Will alongside your super arrangements is essential.
Downsizing and Aged Care Planning
Many retirees sell their homes to downsize, pay for lifestyle needs, or fund aged care. If your Will specifically names a property, selling it may invalidate that part of the Will. Downsizing may also create new assets, such as investments. To avoid confusion, make sure you review your Will in retirement whenever you make significant financial moves.
For aged care costs, explore solutions like the A.S.A.G. Aged Care Reverse Mortgage to cover fees without selling your home.
Acting as the Bank of Mum and Dad
Many retirees support children or grandchildren financially, often helping with home deposits or education costs. If this support is not clarified in your Will, family disputes can arise. Reviewing your Will allows you to clearly state whether this help was a loan or a gift. Learn more about the Bank of Mum and Dad option through A.S.A.G.
How to Review Your Will in Retirement
Updating a Will usually means creating a new one. Adding notes or amendments can cause problems if done incorrectly. A solicitor is the best person to provide advice tailored to your situation.
Practical steps include:
- List all current assets and liabilities.
- Review beneficiaries and their needs.
- Align your Will with superannuation nominations.
- Consider including a residual clause to cover any future changes.
The Benefits of Reviewing Your Will in Retirement
When you review your Will in retirement, you:
- Provide clarity for your loved ones.
- Reduce the risk of family disputes.
- Ensure all assets, including new ones, are included.
- Protect your legacy and wishes.
A.S.A.G. Can Support Your Retirement Journey
At A.S.A.G., we believe retirement should be about comfort and confidence. We help seniors access equity in their homes through personalised solutions such as reverse mortgages. These options can provide funds for aged care, lifestyle needs, or even acting as the Bank of Mum and Dad—all without selling your home.
Disclaimer: This blog is for general informational purposes only and does not constitute legal or financial advice. Please consult a qualified professional before making decisions about your Will or estate planning.