The Importance of Regularly Reviewing Your Estate Planning

Your estate planning is a vital tool to ensure your wishes are carried out, but it’s not something you can set and forget. Life is constantly evolving, and your estate planning strategy and documents should reflect those changes. It’s important to regularly
review your circumstances and estate planning to ensure they remain appropriate and up to date. 

Here are some key life events that should prompt an update to your estate planning:

• Changes in Relationship: Did you get married, divorced, started a de facto relationship, or separated from your spouse.

• Family Changes: Did you have more children, have you changed your name, have any beneficiaries changed their name and/or have any beneficiaries developed any special needs or disabilities.

• Relocation: Have you moved interstate or overseas.

• Financial Changes: Have you or any of your beneficiaries become bankrupt. Have your beneficiaries reached financial maturity. Have you started a business or acquired significant assets.

• Changes in Your Occupation: Have you started a high-risk occupation or becoming a director of a company.

• Health Changes: Have any of your beneficiaries lost the ability to manage their affairs or become financially irresponsible.

• Changes to Decision Makers: Are you still happy with the people named in key decision-making roles, such as your executor, your personal, financial and medical attorney, guardian of your minor children, or trustee. This includes changes in relationships between joint decision-makers (e.g., guardians or financial controllers).

• Asset Changes: Has there been significant changes in the size of your estate, have you acquired assets jointly with others, or established new companies, trusts, partnerships, or a self-managed superannuation fund.

• Superannuation and Insurance: Have there been changes in your superannuation arrangements and/or life insurance. Have you started a reversionary pension.

• Loans and Gifts: Have you made loans or gifts to family members, friends,
  or third parties. 

• Inheritance: Have you received a significant inheritance or asset.

• Concerns About Challenges: Are you worried someone may challenge
  your estate. 

Your estate planning should grow and evolve with you, ensuring that your
loved ones are protected and you have peace of mind that your wishes are carried out. If you’re unsure whether it’s time for a review of your estate planning or
if you need professional guidance, please feel free to contact us to discuss your
estate planning needs.