The global epidemic we are all bravely facing has shown us just how important it is to ensure your family is protected and provided for in the unfortunate event of the death of a loved one.
With people losing their employment and lending institutions requiring more and more guarantees from their borrowers in order to secure finance, there is a greater need to ensure our assets are not diminished and are protected from creditors.
It is important to consider if your circumstances have changed and if your will, power of attorney documents, company or trust structures (estate documents) are serviceable to your wants and needs.
It is always recommended to review your estate documents every 3-5 years, however, within that time, if your circumstances do change your estate documents may not provide the most appropriate level of protection and may leave your estate exposed.
Additionally, if you do not have any estate documents in place, it is vitally important to consider putting these in place to protect your loved ones and to ensure they are able to administer your estate as easily as possible during their difficult time.
Below is a non-exhaustive list of matters to consider when reviewing your estate documents:
- Who is your executor?
- Have you separated from your partner?
- Have you re-married or do you have a new spouse?
- Are you children still considered dependant upon you?
- Do you have life/death insurance and permanent disability insurance cover within your super? Is the amount you are insured for enough?
- Have you in place a binding death benefit nomination for your life insurance and super? Has the nomination lapsed or is the beneficiary an authorised person (spouse, child, financial dependant, estate)?
- Have you provided any specific assets of your estate to people under your will but that asset is no longer in your possession?
- Have you lost touch with a person who would currently benefit from your estate?
- Have you put enough protections in place for someone you are not providing for under your estate?
- Has anyone names within your will passed away? What would happen to their share? Has that been made clear within your will?
- Does your trust deed or company constitution provide provisions on what happens if you were to pass away?
If you are unsure on how to answer any of these questions or if you require a review of your estate it is recommended you have a discussion with one of our estate lawyers who will guide you on the best course of action.
A bonus of Canny Group is that our team is able to provide you with a holistic service with our lawyers, accountants and financial advisors working together to provide you with the most efficient and effective advice.
Katherine Taylor – Solicitor
BCriminology (History), LLB