Retirement is a time of reflection and change, making it the perfect moment to review your Will.
Wills Week 2025, held from 1–7 September, reminds seniors 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 a Will up to date.
The Public Trustee of Queensland, Samay Zhouand says most over-65s understood the importance of having a Will, with nine-in-10 reporting they had one, according to a recent survey* by Queensland Public Trustee (QPT).
However, the same survey found that one in three over-65s had never updated their Will.
“Retirement often brings big changes in finances, lifestyle, and family dynamics,” Mr Zhouand said.
“A Will that doesn’t reflect your current circumstances can lead to upset for loved ones you leave behind. Retirement is the perfect time to think about what changes you intend to make and whether your Will needs to change too.”
Some significant life changes are well known to impact a Will, including a new marriage or de facto relationship, divorce and separation. QPT identified three other common events that happen on or in retirement that may also have implications for a Will.
Accessing superannuation
Superannuation is often a retiree’s largest asset, but it isn’t automatically covered by a Will unless a binding death benefit nomination directs the super balance to the estate. It is, however, often considered when an individual looks at how they intend to distribute their wealth and so can impact what gifts are left in a Will.
If a binding death benefit nomination conflicts with a Will, for example, by naming a former partner as a nominee, it can cause disputes among beneficiaries. Binding death benefit nominations generally expire every three years and must be kept up to date.
Likewise, significant changes to a super balance may require adjustments to a Will to ensure all assets are distributed as intended.
Downsizing and funding aged care
Many retirees sell their family home to downsize, pay for their retirement lifestyle or fund aged care. If a property is specifically mentioned in a Will, for example, by its address, selling the property can make that part of the Will invalid or confusing.
If not specifically mentioned, proceeds from the sale of a property may fall into the residue of the estate, which is often distributed differently from specifically gifted assets. This can lead to disputes among beneficiaries.
Downsizing may also involve acquiring new assets, such as a smaller home or investments. A new Will may be needed to reflect current assets, unused sale proceeds, and to include a residual clause or contingency plan to account for changes in the value of the estate.
Opening the Bank of Mum and Dad
An increasing number of retirees are providing financial assistance to their adult children or grandchildren, such as helping with a home deposit or education costs. If these funds aren’t addressed in a Will, disputes can arise over whether they were loans or gifts.
Unequal financial support during life can create tension if the Will doesn’t clarify how it affects the estate distribution. For example, one child may feel entitled to a larger share to ‘balance’ perceived inequalities in funds provided during life.
A new Will can clearly state whether financial help was a gift or loan and whether it should be deducted from the recipient’s inheritance. The Will could also include provisions or a testamentary trust to provide additional support for certain beneficiaries, such as grandchildren.
How to update a Will
Updating a Will usually means creating a new one that replaces the old version. Adding new wording to an existing Will is not easy and if done incorrectly may compromise the Will’s validity.
The Public Trustee said a solicitor was the best person to contact for personalised advice when considering making a new Will. QPT also makes new Wills at no cost to Queenslanders.
More information on Wills is available on QPT’s website at www.pt.qld.gov.au. Call 1300 360 044 for a Will-making appointment or go to the About Us section on QPT’s website to submit an online form to request a Will-making appointment.
Call 1800 512 451 for help interpreting QPT webpages.
*Survey conducted by Verian in February 2025 of 1,022 adult Queensland residents.
