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FAMILY ESTATE PROTECTION PLANNING

How Often Should You Update Your Documents?

A major life event is the main trigger for the need to update your estate planning documents. This is because a big life change (either affecting you or one or your beneficiaries) generally overhauls your existing plans, so your estate plan needs to be modified, too.

Generally speaking, a Will is voided by marriage or divorce so you will likely be left intestate (without a Will) if you do not update after these events. Other significant changes in your personal or financial situation will usually give rise to a need to update your estate planning documents. However, with some good advice and some forward-planning, your documents can cater for many expected life changes – but the unexpected and involuntary can be much more difficult to predict and manage.

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Will

A will is a legal document that sets your wishes regarding the distribution of your estate and the care of any minor children. If you die without a will, those wishes may not be carried out.

Enduring Power of 

Attorney

An enduring power of attorney is a legal agreement that enables a person to appoint a trusted person - or people - to make financial and/or personal decisions on their behalf. 

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Enduring

Guardian

This power involves appointing a guardian to make certain personal and health care decisions on your behalf when your decision-making capacity becomes impaired.

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Statutory

Declaration

A statutory declaration is a legal document defined under the law of certain Commonwealth 

nations. It is similar to a statement made under oath, but it is not sworn.

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When You Need To Update Your Documents!

We recommend that you seek some advice if any of the following events occur:​

  • You marry;

  • You commence a de facto relationship;

  • You separate or divorce;

  • You have more children (or grandchildren);

  • Any of your appointees (i.e. executors, trustees, attorneys, guardians or Substitute Decision-Makers) die, or you no longer consider them appropriate to undertake the task;

  • There are any significant changes to your financial position;

  • There are any significant changes to your investment structure or business affairs; or

  • There are any significant changes in the life or business circumstances of any of your beneficiaries.

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