As the year draws to a close, legal professionals are urging Australians to take a critical look at their estate planning documents to ensure they align with current life circumstances.
Why Regular Estate Plan Reviews Matter
Estate planning involves organising how your assets and affairs will be managed and distributed if you pass away or lose capacity to make decisions. According to James Thomson, Director and Principal Lawyer at Burgess Thomson, regular reviews are essential because life circumstances, personal relationships and asset portfolios constantly change, but your legal documents do not.
"An outdated Will could mean an ex-spouse or estranged relative is still named as a beneficiary or decision-maker," Mr Thomson warns. Significant life events like marriage, divorce, or substantial changes in financial assets can dramatically affect who you want managing your affairs.
Key Documents That Need Attention
Beyond your Will, several other critical documents require regular review. Binding Death Benefit Nominations for superannuation or life insurance always override your Will and must be checked to ensure intended beneficiaries remain correct.
Similarly, the individuals you appointed as executors, trustees, Power of Attorney or Enduring Guardians may no longer be suitable choices due to relocation, health issues, or relationship changes.
Major financial changes such as buying or selling property, starting a business, establishing new companies or trusts, or acquiring significant investments may not be accounted for in existing plans, potentially leading to lengthy and expensive probate court proceedings.
Taking Action Before Year's End
While contemplating death or loss of capacity is uncomfortable, allocating a few hours at year's end can provide peace of mind and ensure your wishes are properly documented. Burgess Thomson, established in 1984 and listed in Doyle's Guide, assists clients with preparing Wills, Testamentary Trusts, Powers of Attorney, and Enduring Guardian appointments.
The firm also specialises in assisting high-net-wealth individuals and business owners with asset and wealth protection plans and business succession planning. James Thomson brings over 20 years of experience, holding a Master of Laws from University of Sydney, law and commerce degrees from University of NSW, and having completed the Program on Negotiation at Harvard Law School.
Burgess Thomson is located at 1 Newcomen Street, Newcastle and can be contacted at 4929 5602 or via their website burgessthomson.com.au.
