As the year draws to a close, it’s the perfect time to reflect on what matters most. This Christmas, avoid leaving your family with an unexpected burden by ensuring your estate planning is up-to-date. Without a clear and current plan, what should be a time for family can quickly turn into a stressful, emotional, and costly situation. Outdated documents—or worse, a will that doesn’t cover your assets, business, or loved ones—can lead to expensive complications and unintended outcomes. Give yourself and your family the gift of peace of mind by updating your estate plan and securing a worry-free future this holiday season.

 

here‘s some surprising facts many people don’t know about estate planning:

 

  1. There’s no expiration on a will – A will, even 20 years old, remains valid until varied or revoked. 
  2. Getting married automatically revokes your current will  
  3. Intestacy laws apply if you don’t have a will – So without a will, the law decides how your estate is distributed, often leading to unintended consequences. 
  4. A will doesn’t cover all your assets – Some such as superannuation and trusts, aren’t automatically included. 
  5. Superannuation is separate from your will – Your superannuation needs to be handled through death benefit nominations. 
  6. Family members can challenge your will – Even if you ‘disinherit’ someone, they may have grounds to contest it. 
  7. DIY wills are risky – They often lead to legal complications and unintended outcomes. 
  8. Your will can cover your digital assets  
  9. No enduring power of attorney? – An application may need to be made to the Civil and Administrative Tribunal in your State if you’re incapacitated without one.

 

To ensure your will and estate planning are still appropriate for your current circumstances, think about these questions: 

 

for your will:

  1. Is my will valid?
    Does it comply with legal requirements [signed, witnessed properly] in your jurisdiction? 
  2. Have my circumstances changed?
    Have there been any major life events such as marriage, divorce, the birth of children, or acquiring significant assets since the last update? 
  3. Are the executors and trustees still appropriate?
    Are the people you’ve appointed to manage your estate still willing and able to fulfil their roles?
  4. Have I reviewed the beneficiaries?
    Are the individuals or charities named in the will still who you wish to benefit from your estate? 
  5. Are my children or dependents provided for?
    Have you appointed guardians for minor children or made provisions for anyone financially dependent on you?     
  6. Are all my assets accounted for?
    Have you included any recently acquired property, investments, or personal items in your will?
    Have I included provisions for my business interests in my will? If you own or co-own a business, are your shares or business assets properly addressed in your estate plan?
    Do I have a succession plan for my business?   
  7. Are my superannuation death benefit nominations up to date? 
    Have you reviewed your nominated beneficiaries for your superannuation fund, and are they still in line with your wishes? 
  8. Have I reviewed my family trust arrangements? 
    If you have a family trust, are the trustees and beneficiaries still appropriate, and does control of the trust align with your estate planning objectives? 
  9. Are my company’s ownership documents and shareholding records up to date?
    If you own shares in a company, are these records up to date, and do they reflect your intended distribution after death? 
  10. Have I reviewed any shareholder agreements or business partnership agreements? 
    Do these agreements include provisions for what happens if you pass away or become incapacitated, and are they consistent with your estate planning? 
  11. Have I considered tax implications for my business, trusts, and superannuation?
    Are you aware of any tax consequences related to your business, trusts, or superannuation that need to be accounted for in your estate planning? 
  12. Is my will stored safely?
    Is the original will stored somewhere secure, and have you communicated its location to your executor(s)? 

 

For Your Enduring Power of Attorney [EPA]:

  1. Is the person I’ve appointed still appropriate?
    Is your chosen attorney still willing, available, and capable of acting in your best interests?
  2. Are the powers I’ve granted them still appropriate?
    Do they have the authority to manage both financial and personal matters, or should their powers be revised?
  3. Do I have a backup attorney?
    Have you named a replacement in case your primary attorney cannot act on your behalf?
  4. Are there any new restrictions or conditions I want to include?
    Do you want to update or modify the conditions under which your attorney can act [such as specific financial limits, decisions on healthcare]?  

 

we’re here to help ensure your estate plan reflects your current wishes   

If you need guidance on keeping your estate planning documents up to date or initiating a review, our legal team is ready to help. Contact us at legal@businessdepot.com.au or call 1300BDEPOT to discuss updating your will and arrangements further.  

 

Give yourself and your family the gift of peace of mind this holiday season with an estate planning consult with our legal experts completely free of charge.

Read more about the exclusive offer here.

estate planning consult offer

 

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General advice disclaimer 
The information provided in this article is a brief overview of the subject matter and does not constitute any type of advice. We endeavour to ensure that the information provided is accurate however, information may become outdated as legislation, policies, regulations and other considerations constantly change. Individuals must not rely on this information to make a financial, investment or legal decision and should consult an appropriate professional before making any decision.