For those of us who have a Will and Enduring Power of Attorney, it is not simply a set and forget task once the documents have been signed. As people’s lives are constantly changing, it is important that you regularly take the time to review your existing Will and Enduring Power of Attorney to ensure it still meets your needs and wishes.
At the beginning of each year, we recommend you consider the following:
- Can you recall where your original Will and Enduring Power of Attorney is located (this is particularly important if you have recently moved);
- Did you marry or start a new relationship;
- Did you separate from your partner or get divorced;
- Have you become estranged from a child or gifted a child a sum of money you want repaid at your death;
- Has one of the people you nominated as an attorney, executor or beneficiary lost capacity, died, become bankrupt or in the process of getting divorced;
- Have you had a falling out with the person you nominated as an attorney, executor or beneficiary;
- Have the people you nominated as an attorney and executor had a falling out such that they are unlikely to be able to work together;
- Has the circumstances of the person you nominated the guardian of your child changed such that they are no longer appropriate (eg they moved interstate or overseas);
- Did you have a child or grandchild, or additional children or grandchildren;
- Did you sell, give away or lose an item you had specifically gifted in your Will;
- Did you acquire overseas assets;
- Has your estate changed significantly in value – did you purchase, earn, inherit or win a significant asset or sell or lose a significant asset (eg purchased/sold a new home, purchased/sold a share portfolio or purchased/sold your business);
- Have you changed your death benefit nomination with your superannuation; or
- Have you taken out or changed your life insurance policy.
If one or more of the above apply to you, we recommend you take the time to review your existing Will and Enduring Power of Attorney. Should it no longer reflect your wishes, please call our office and schedule an appointment.