There may have been changes in your life and circumstances since you last updated your Will and estate planning documents.
It is worth taking some time to review these documents to make sure they still reflect your current wishes.
Here are some things to consider.
Executors And Beneficiaries
Are the people you previously appointed as executors and beneficiaries still the right choices?
You should also review your back-up appointments in case someone is unable or unwilling to act, or a beneficiary passes away before you.
Distribution Of Assets
Does your Will still reflect who you want to receive your assets? Changes in family relationships or financial circumstances may mean you need to reconsider how your estate is distributed.
Power Of Attorney
Is the person you appointed still the best choice to manage your financial affairs if needed?
Do you have a substitute appointed?
If you don't have a Power of Attorney, you should consider putting one in place.
Enduring Guardianship
Similarly, you should review your Enduring Guardianship arrangements to ensure the people appointed to make healthcare and personal decisions on your behalf are still appropriate.
If you haven't appointed an Enduring Guardian, it may be time to consider doing so.
Self-Managed Superannuation Funds
If you have a self-managed superannuation fund, you should review any binding death benefit nominations to ensure they reflect your wishes and comply with the fund's trust deed.
Have Your Circumstances Changed?
Think about what has happened since you last prepared or updated your documents.
Perhaps you have had children or grandchildren, your children are now adults, you have married, separated or divorced, or someone close to you has passed away.
You may also have acquired new assets, experienced significant financial changes or had changes in your health.
Any of these circumstances may be a good reason to review your estate planning.
