Storing and updating your will
Find out how to keep your will in a safe place, and when you should review and update it.
Why it's important
Storing your will in a safe place, as well as letting your executor, beneficiaries and family know where it’s located, is vital.
A will serves no purpose if its existence is unknown.
Keeping it at home risks your will being lost, damaged or stolen. If a will cannot be located, the risks can include:
- your assets not being distributed as you intended
- there being additional legal costs incurred after your death.
Many people choose to store their will with their solicitor. There are also safe-storage services, including that offered by NSW Trustee & Guardian.
Reviewing your will
It's recommended to review your will every 5 years or whenever there's a significant event or change in your life. This could be:
- getting married
- having children
- changes to your financial situation
- separating or divorcing
- moving overseas
- the death of a proposed beneficiary or executor.
In these situations, the terms of your will may be impacted so it's important to ensure it reflects your current circumstances.