As the year draws to a close, it’s the perfect time to make sure your estate planning reflects your current wishes and circumstances.
We’ve prepared a simple guide to make sure your wishes are up to date before the new year.
1. Review your Will
- Has anything major changed this year?
(Marriage, separation, new child, a death in the family, buying/selling property.) - Do the people you’ve appointed still make sense?
Executors, guardians, beneficiaries.
2. Check your Asset List
- Have you acquired or sold property, investments, businesses, or overseas assets?
- Is everything still correctly referenced in your Will?
3. Update your Beneficiaries
- Do you want to add or remove anyone?
- Are shares, percentages, or specific gifts still relevant?
4. Review your Executors
- Are they still willing, able, and appropriate?
- Do you need to add a replacement executor?
5. Confirm Guardians for Children
- Are your nominated guardians still the right people?
- Have their circumstances changed?
6. Review Powers of Attorney and Health Directives
- Are your appointed attorneys still appropriate?
- Are your medical preferences still accurately documented?
7. Check Digital Assets
- Password managers;
- Online accounts;
- Cloud photo storage.
(Make sure someone can access them if needed).
8. Superannuation and Insurance
- Are your insurance policies up to date?
9. Consider any New Wishes
- Charitable gifts.
- Specific items of sentimental or significant value.
- Instructions for sentimental assets (pets, special collections).
10. Store Everything Safely
- Confirm where your original documents are kept.
- Ensure your executor knows how to access them.
Bonus Tip for the Festive Season
If you’re seeing family over the holidays, it can be a helpful time to have those important conversations – kindly, calmly, and with the benefit of everyone being in the same place.
For help with every aspect of estate planning, contact GLG Legal Springfield on: (07) 3288 3511 or email us at info@springfieldlegals.com.au
