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New Year’s Resolution #1: Review your estate plan

It’s nearly that time of the year again for you to make New Year’s Resolutions.

This coming 2023, why not make one that will benefit you and your loved ones and review your estate plan?

As estate planning solicitors, it is important for us to ensure that a sound estate plan is in place for you to protect your estate and its beneficiaries. However, this doesn’t mean that you are completely in the clear.

Your estate plan is a “work in progress”. As circumstances change and you go through certain life events, your estate plan should be amended accordingly. Some life events which could trigger an immediate revision of your estate plan include:

  • The death of a beneficiary or executor;
  • Family law proceedings affecting you or a beneficiary;
  • Marriage, divorce or entry into a de facto relationship;
  • Sale of an asset which is left as a specific gift in your Will;
  • The birth of a new family member;
  • The establishment of a self-managed super fund or changes in superannuation arrangements;
  • Children, grandchildren or other family members growing into adults;
  • Significant changes in your asset pool or asset structure;
  • Receipt of a large gift or inheritance;
  • Sale of a business interest;
  • The making of loans to family members; and
  • Changes in the financial circumstances of beneficiaries (i.e. bankruptcy).

However, if you have not reviewed your estate plan in at least 3-5 years, make a New Year’s resolution for this coming 2023 to sit down with us to review. This will help ensure that your estate plan still meets your wishes, is best suited to your personal and financial circumstances, and is up to date.

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