Life Events that Can Impact Your Estate Plan
It is estimated that around 50% of Australians over the age of 18 do not have a Will or estate pan prepared, and for those that do, most have never updated it. Having an estate plan is the first step in proactive asset management, however, it’s important that your plan is updated when needed to keep it relevant. Robert Wood and Associates are the solicitors Melbourne locals rely on for expert legal advice. Having an up-to-date Will or estate plan will protect your loved ones and reduce the burden of administration after you pass away, therefore your plan should be updated annually, or if/when any of the below happens.
You Welcome New Loves into Your Life
Whether you get married, enter into a de facto relationship, welcome a child via birth or adoption, or welcome stepchildren or a new grandchild to your life, it is important that new family members are added to your estate plan and documents amended.
A Special Person Leaves Your Life
Life moves fast, and things can happen unexpectedly. Should a loved one die or you get divorced, it’s important to act quickly and update your estate plan accordingly. In the event of a divorce, there are certain protections built into the law to prevent a former spouse from automatically inheriting your estate. However, you should still review and update beneficiary designations on all assets. If you need the help of an experienced divorce solicitor, Melbourne can trust our team for expert guidance.
You Make a Major Investment
If you make a major new investment, such as buying a property, your estate plan should be updated to include the distribution of your new acquisition. It is worthwhile seeking advice from a property lawyer – eastern suburbs locals can speak with us regarding all things property related.
You Open or Exit a Business
If you start a new business or decide to sell your existing one, this can significantly impact your estate plan. We suggest getting expert legal advice from a trusted solicitor to discuss any possible implications and have any documents updated to reflect your change of circumstances.
Your Health Changes or You Have an Accident
Whether you are diagnosed with a terminal condition or you suffer a serious accident resulting in disability, any time there is a change in your health you should review your estate plan. Changes to your health or significant injuries can change your current and long-term financial situation. You need to plan how you will pay for the cost of special care or treatment if required. You should also plan for the event that your decision-making ability becomes impaired.
A good estate plan should be reviewed and updated regularly. The good news is, almost all estate planning documents can be amended up until the point that you pass away or lose your mental capacity.
How To Update Your Estate Plan
Updating your estate plan or Will is a simple process, all you need to do is get in touch with a qualified estate planning solicitor. They will help you make changes that are consistent with current law and ensure your documents are valid. Call the team at Robert Wood and Associates today to find out more.
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If you need professional, high quality legal advice from a law firm that puts your interests first, then Robert Wood and Associates is the right choice for you.