Spring has sprung, the days are getting longer and the sun is getting warmer – if you haven’t already, you are likely getting out in the garden, cleaning the house, and planning your summer projects around your home and garden.
In all the excitement of improving your physical environment, spare a thought for your life planning; that is, your future estate, asset and tax planning – it is a great time of year to give these a freshen up too!
Your Will is an easy place to start. We recommend that a review of your existing Wills should be undertaken every 5 years, or earlier, if your current circumstances change. If you don’t have a Will, NOW is the perfect time to get that process started.
Aside from regular reviews, there are certain milestones which are ideal point to consider and update your Will. If any of the following have occurred in the last 12 months, or are likely to occur in the next 12 months, a review is necessary:
- ENTERING A NEW RELATIONSHIP
- PURCHASING OR SELLING PROPERTY
- CHILDREN BECOMING ADULTS
- ESTABLISHING A BUSINESS
- BUSINESS OR TRUST CHANGES
- RELATIONSHIP BREAKDOWN, SUCH AS SEPARATION OR DIVORCE
If any of the above scenarios have recently changed in your life, it would be a good idea to grab copies of your signed Will, have a sit down and read over what you have in place. If you see anything which requires change, or you are unsure about the impact of a life event, come see our legal team and we will assist you with the review.
Another issue worth noting is how marriage, separation and divorce can affect your Will if you fail to update it. Each has a different consequence, and failing to consider and update your Will and Powers of Attorney at the time can result in the wrong people being in control of, and entitled to, your hard-earned assets.
The key to good long-term life planning is to be prepared, and obtain advice before committing to a significant life, asset or business change [where possible]. This isn’t limited to Wills, as changes can also impact Powers of Attorney, ownership of assets [ie. if owned jointly with others], business structures and agreements and superannuation entitlements.
Contact our Legal Team today to get your Life Planning spring clean underway.
Kayla Kennedy – Solicitor