VISION MAKES US WHO WE ARE
Estate Planning
Jul 4, 2025
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Introduction: Estate Planning in a Dynamic Parramatta
Estate planning isn’t a one-time task — it's an ongoing process that requires regular attention, especially if you live in a fast-growing and evolving area like Parramatta. Your will is a living document that should reflect your current wishes, assets, and family circumstances. This article explains why regular updates to your will are not just advisable but essential, offering crucial insights from our dedicated legal team based at 14/32 Smith St, Parramatta NSW. Staying proactive with your estate plan ensures your legacy is protected and your loved ones are provided for, in full compliance with the latest NSW inheritance laws.
When & Why to Update Your Will: Life Changes and Legal Imperatives
Regularly reviewing and updating your will is crucial for ensuring your final wishes are legally sound and accurately reflect your current life. It is generally recommended to review your will every three to five years, or even annually, to ensure it remains current.
Property Changes in the Parramatta Region: As Parramatta continues to develop, changes to your property portfolio—whether buying, selling, or investing in new assets—necessitate a will update. Your will should accurately reflect all your real estate holdings.
Significant Family Events (Marriage, Children, Divorce): Major life milestones directly impact your estate plan. Marriage or divorce can revoke an existing will unless explicitly stated otherwise, and the birth of children or grandchildren requires naming new beneficiaries and potentially guardians. Similarly, the death of a beneficiary or executor requires revisions to ensure your wishes can still be carried out.
New Assets or Business Interests: Acquiring new assets, starting a business, or changes in financial status mean your will needs to be updated to ensure these are distributed according to your wishes. Don't forget to update beneficiary designations on accounts like superannuation and life insurance, as these often take precedence over your will and are rarely prompted for review by financial institutions.
The High Cost of Inaction: Why an Outdated Will is a Major Risk
Dying without a valid will (intestate) or with an outdated one carries substantial risks and can lead to unintended, costly consequences for your loved ones. These include:
Increased Administration Costs and Time: The process of managing an estate without a clear will is often lengthier and more expensive.
Distribution to Unintended Beneficiaries: Your assets may be distributed according to statutory intestacy laws, potentially excluding those you wished to provide for, or even reverting a portion to the government.
Costly Disputes: While updating a will typically costs between $1,000 and $1,200 , the average legal cost of resolving disputes over DIY or outdated wills in NSW can be approximately $200,000. Estates with disputed wills commonly lose 20-30% of their value due to legal costs and delays. This stark financial comparison underscores the value of proactive estate planning.
Local Support That Makes It Easier: Securing Your Legacy in Parramatta
Our Parramatta team, conveniently located at 14/32 Smith St, Parramatta NSW, specialises in wills, estate planning, probate, and contested estates. We ensure your will accurately reflects your current wishes, protects your loved ones, and complies with all local and state laws, including the latest Succession Act 2023.
We provide:
Expert Guidance: Our experienced solicitors offer clear, tailored guidance, helping you understand complex concepts like testamentary trusts and enduring guardianships.
Compassionate Approach: We understand the emotional and financial stress involved in estate matters and are committed to providing personalized support.
Dispute Resolution: We focus on resolving potential disputes through mediation or negotiation before resorting to court proceedings.
Probate Assistance: We assist with the probate process, which is a formal court order confirming the will's validity and granting the executor authority to distribute the estate. While probate can be "lengthy, costly, and public" , proactive planning can streamline or even bypass it.
Don’t let an outdated will put your legacy at risk. Engaging a local, experienced estate planning lawyer is a prudent investment that provides peace of mind and significant long-term financial protection. Contact our Parramatta team today to secure your future with confidence.