A review does not necessarily mean that a change is required, but does ensure that changes in circumstances are not overlooked.
Some funds allow a member to service a notice on the trustee nominating a person that the trustee The form of a DBN for a Public offer fund or Industry fund must be in strict compliance with the requirements of s 59 of the Superannuation Industry (Supervision) Act 1993 (“SIS Act”) and the Superannuation Industry (Supervision) Regulations 1994 Regulations (see Determination SMSFD 2008/3).
Most people review their wills when they have children or grandchildren or when their financial situation changes and there are other situations when you should make a new will.
Depending on what sort of change you’re making, you should either add to your will or write a new one.
You can make small changes to your will – such as changing the executors or adding a legacy – by using a document called a codicil.
A codicil is a straightforward document that needs to be signed and witnessed in the same way as a will. If you would like to make significant changes to the will, then it might be better to write a new will.
If you do write a new will you can revoke the old one by destroying it.
There are no rules about what you can change using a codicil – it could be anything from a single word to many different sections of your will.
But it’s a good idea to use codicils only for very small changes, because they can make sorting out your will more complicated when you die.
A codicil has to be signed and witnessed in the same way as your original will, but you don’t need to use the same witnesses.