Your estate planning includes at the very least your Will, Enduring Power of Attorney, Advance Health Directive and your Binding Death Benefit Nomination.
We recommend that you review your estate planning documents every twelve (12) months, maybe at the same time as you prepare your tax return, or whenever any of the following changes occur:
- You change your name or anyone named in your estate planning documents changes their name.
- If an executor or attorney dies or becomes unwilling or unsuitable to act due to ill-health, age or any other reason.
- If a beneficiary dies.
- If any specific property has been left to a specific beneficiary and you subsequently sell that property or it changes in nature.
- If your financial circumstances change.
- If the family situation of yourself or any beneficiary changes (eg marriage, divorce, matrimonial problems, children or further children, de facto relationships).
- If you become involved in a new business, company or trust.
- To ensure the control of your family company or trust succeeds in accordance with your wishes.
- If a charity you have provided a gift to has changed its name.
- You have written a note setting out your wishes.
- If you have completed a Binding Death Benefit Nomination, it will likely lapse three (3) years after the date it was made.
Should you subsequently divorce, marry or remarry, your estate planning documents will be automatically revoked (either partially or fully). It will then be necessary for you to review your estate plan and make new documents.
Failing to review and update your estate planning documents may affect the value of your estate and who will benefit from your estate. An out of date estate plan could be worse than not having one in place at all and may not only be costly to your loved ones financially, but also emotionally.
Assisting your executors and attorneys
Once you have made your estate planning documents you should let your executors, attorneys and family members know where your original estate planning documents are held so that in the event of your death or incapacity they can locate your documents easily.
Review your documents today
Your estate planning documents are one of the most important documents you will ever make. If you would like one of our experienced estate planning team members to assist you to update or make your estate planning documents please phone us on 4046 1111 today.