So, you’ve organized your estate planning documents… what’s next?
Making sure that at all times your documents remain up to date- this will ensure that your wishes are reflected and you estate is administered as you intend.
It is recommended that you review these documents every 2 to 3 years or where there are changes to your circumstances or the circumstances of your beneficiaries. The change in circumstances where you may wish to amend your estate planning documents can include, but are not limited to:
Changes in Appointees/Beneficiaries
There are many reasons your chosen appointees and/or beneficiaries may change including:
- A change of mind about whom you’d like to appoint,
- You have more children,
- Your children come of age – this may mean you no longer need to elect a guardian, or you may wish for them to take the place of another of your appointees,
- The death of one of your appointees,
- New grandchildren whom you would like to expressly mention or stipulate gifts for,
- Where one of your beneficiaries has become bankrupt or is facing a relationship breakdown.
- The unhappy situation where an intended beneficiary becomes substance or gambling addicted.
Where you have changes to your asset pool you may wish to divide your assets differently, or require extra assistance. Including:
- No longer owning an asset that has been expressly gifted in your will,
- Addition of an asset which you would like to expressly gift in your will ,
- To include more specifics such as gifts, varying the percentage of distribution,
- The inclusion of expert guidance, for example by appointing a financial advisor in your Power of Attorney to act in your best financial interests.
Other miscellaneous changes which should warrant a review of your estate planning include:
- In the case of a divorce,
- To allow for charitable options,
- To stipulate what should happen to your pets in the event of your passing including who should receive custody of them.
The advice in this article is general in nature. To receive advice custom to your circumstances you can speak with our qualified Wills and Estates team by contacting us via phone – 9525 8688 – or via email – email@example.com. We also invite you to download our free Estate Planning eGuide.