While our goal is to put in place an estate plan that you can ‘set and forget’, it is important that you undertake a regular review of your circumstances and estate planning documents to check that your estate planning strategy remains appropriate, as changes can creep up on you.
If any of the following has occurred since you last prepared your Will and other estate planning documents, you may require an update:
- Have you or any of your beneficiaries:
- Had a relationship status change?
- Had a child?
- Donated gametes or embryos?
- Changed name?
- Moved interstate or overseas?
- Become bankrupt?
- Started a business or become a company director?
- Have any of your beneficiaries reached financial maturity, died, lost the ability to manage their affairs or developed any special needs?
- Are you still happy with the people named in all decision-making roles (e.g. executor, trustee, attorney, guardian)?
- Has the size of your estate significantly increased or decreased?
- Have you acquired assets jointly with a spouse or third party?
- Have you changed your main residence?
- Have you received an inheritance?
- Did you make any loans or gifts to anyone?
- Have you established any new companies, trusts, partnerships or a self-managed superannuation fund?
- Have you changed your superannuation arrangements?
- Did you start a reversionary pension for your super?
- Have you changed your life insurance arrangements?
- Are you worried that someone could challenge your estate planning arrangements?
This list is non-exhaustive but highlights some of the many situations in which it is important to review your arrangements and ensure your current documents continue to meet the needs of you and your family.
Book a free chat with us today to discuss whether your Estate Planning documents require a refresh. We are experienced Wills and Estate Planning lawyers based in Prospect and work with families across Adelaide to help you put in place an Estate Plan that reflects your values and gives you confidence about the future.