New Financial Year, New Will

Have you reviewed your Will and other Estate planning documents this year?

Do you know where your original Will is stored and can you recall what is in it?

We recommend that you review these documents at least once a year and also, when there is a significant change in your life and or the lives of your family members and named persons.

There are a number of events in your life or the lives of others which can affect the operation or validity of your estate planning documents, including:

1. Moving in with your partner;
2. Getting married or re-married;
3. Getting separated or divorced;
4. Buying or selling a property or significant assets;
5. Starting a business;
6. Moving interstate;
7. Having a child or children, or your children have now reached 18 years old;
8. When a person’s circumstances, who is named in your Will or Enduring Power of Attorney, change.

If your circumstances change, your Will, or parts of it together with other important documents may not be valid. If that happens, your assets may not be distributed in accordance with your wishes.

At a time when your loved ones are grieving, an out of date Will or other estate planning document can be just as detrimental and cause just as much heartache and confusion, as having no Will at all.

For example, you may not be aware that:

1. If you move in with a boyfriend/girlfriend or partner, they will be eligible to apply for your superannuation death benefits if you do not have a valid Binding Death Benefit Nomination; and
2. If you have separated from your Wife but have not yet divorced, your Wife will still be considered your ‘spouse’ and will be eligible to apply for further provision from your assets.

Start the new financial year off on the right foot, contact us today to arrange a time to review your Estate Planning documents.