It is important to regularly review your estate planning documents (such as your Will and Enduring Power of Attorney), particularly if there has been a change in your circumstances. In some cases (such as divorce, marriage or commencing or terminating a civil partnership), your Will and/or Enduring Power of Attorney may be revoked.
There are several changes in circumstances which may affect your estate planning, such as:
- Have you separated or divorced?
- Have you entered into a de facto relationship or married?
- Have you commenced or terminated a civil partnership?
- Have you had any children?
- Have you moved interstate or overseas?
- Have you become bankrupt?
- Have you changed your name?
- Are you concerned about someone challenging your estate planning documents?
Any of the people mentioned in your estate planning documents have:
- passed away, lost capacity or are no longer capable of undertaking the appointed role?
- become bankrupt?
- moved overseas?
- changed their name?
- had recent conflict with other interested people (such as beneficiaries)?
- developed any special needs, disabilities or become financially irresponsible?
- have you acquired property?
- have you acquired assets interstate or overseas?
Involvement in a business:
- Have you started a business?
- Have you commenced working in a high-risk industry?
- Have you established any new companies, trusts, partnerships or a self-managed superannuation fund?
If any of the above events have occurred since you have made your estate planning documents, we suggest that you contact a lawyer to determine whether an update to your estate plan is required.
The Small Business Lawyer offers competitive fixed fee services to draft your estate planning documents (such as your Will, Enduring Power of Attorney, company Power of Attorney and Advance Health Directive). If you would like to discuss your estate planning, please contact us to arrange a consultation. Our initial consultation may be held in person or via Zoom.