Do you need to redo your Will? Is your current Will up to date?
The Law Institute of Victoria recommends that you review or redo your Will every five years. Changing circumstances and relationships often mean that a Will can become dated quite quickly. Certain assets may be also be unaffected by the contents of a Will and require specific advice so some level of estate planning is often required.
Here are the top five Wills and Estate Planning questions to ask yourself…
No. 1: BENEFICIARIES – Has there been any change in your family since your last will? (births, deaths, marriages, separations etc)
No. 2: ASSETS – Has there been any change in your assets?
No. 3: EXECUTOR – Who is my executor? Are they the right person (or people) to assume the responsibility and carry out the job?
No.4: SUPERANNUATION – Do you have a superannuation binding death benefit nomination (BDBN)? Is it still valid (often they have a three year life)? Does it work with your Will?
No.5: SMSF – Is your self-managed superfund compliant with tax and company law? Is it audited annually? Are assets registered to the correct entity? The tax consequences of getting this wrong are horrendous!
You should also take this time to review your Powers of Attorney. Different to Wills, but still important in the estate planning process, these documents are vital in circumstances where people are living longer and a slow decline with age is more likely.
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