As the year winds down and we gather with family to celebrate the festive season, it’s an ideal moment to reflect on what matters most. While you plan holidays, gifts, and resolutions, consider giving your family the ultimate gift: peace of mind.
Reviewing and updating your will and estate plan ensures your wishes are clear, your loved ones are protected, and your assets are accounted for.
Many people overlook their estate planning during the busyness of everyday life, especially around the festive season. The start of a new year is a great time to ensure that your plans align with your current circumstances.
Here are some key will considerations to remember as you prepare for the year ahead.
Why Reviewing Your Will Matters
A valid will is the cornerstone of any estate plan. It ensures your assets are distributed according to your wishes and provides clarity for your loved ones during an emotional time. However, an outdated or incomplete will can lead to unnecessary stress, delays, and even disputes.
Ask yourself:
“Have my circumstances changed?”
Major life events, such as marriage, divorce, the birth of children, or the acquisition of new assets, may mean that your current circumstances no longer reflect your wishes.
“Are my executors and beneficiaries still appropriate?”
Ensure the individuals named in your will are still the ones you trust to handle your affairs and inherit your assets.
“Have I accounted for new assets?”
Include any recently acquired property, investments, or valuables in your estate plan.
“Have I provided for dependents?”
Appoint testamentary guardians for minor children and ensure provisions are in place for those financially dependent on you.
Other Estate Planning Essentials
While your will is critical, there are other important documents and arrangements to review:
Superannuation Nominations
Your superannuation doesn’t automatically form part of your will. Instead, it’s distributed based on your death benefit nominations. Check that your nominated beneficiaries are current and reflect your intentions.
Enduring Power of Attorney
An enduring power of attorney (EPA) ensures someone you trust can make financial and personal decisions on your behalf if you cannot. Review whether:
- Your appointed attorney is still appropriate.
- Backup attorneys are named in case your primary choice cannot act.
- Any new restrictions or conditions need to be added.
Business and Trust Arrangements
If you own a business or have a family trust, ensure these are integrated into your estate plan. Key points to review include:
- Succession plans for your business.
- Shareholding and partnership agreements that address what happens if you pass away.
- Trustees and beneficiaries of family trusts.
Why the Festive Season Is a Good Time to Act
With family gatherings often taking place, it’s an ideal time for open conversations about your wishes and plans. Discussing these matters with your loved ones can help manage expectations and reduce the risk of misunderstandings later.
Taking action now can also avoid the potential complications of outdated documents. For example:
- Intestacy laws apply if you don’t have a will. This means the law, not you, decides how your estate is distributed.
- Marriage revokes your will. Your current will may no longer be valid if you’ve recently married.
- DIY wills can create legal headaches. Professionally drafted documents ensure your wishes are followed and reduce the chance of disputes.
Your Estate Planning Checklist for the New Year
To make sure your estate plan is up to date, consider the following:
- Is your will valid, stored securely, and does it account for all assets?
- Are superannuation death benefit nominations current?
- Does your enduring power of attorney reflect your current wishes?
- Have you reviewed arrangements for business interests, trusts, and guardianship?
Start the New Year with Peace of Mind
An up-to-date estate plan ensures the protection of your loved ones and the security of your legacy. At Bayside Wills and Estates, we specialise in helping individuals and families create comprehensive plans tailored to their needs.
Contact us today to schedule a review or discuss creating a will that reflects your current circumstances. Let’s secure your future together.
