Spring Clean Your Estate Planning: 5 Things to Review This Season

As spring brings longer, warmer days, it’s the perfect time to refresh more than just your home. Your estate planning deserves a seasonal check-up too. Life changes quickly, and even small shifts may make your Will or other estate planning documents outdated. Here are five key areas you may wish to review this spring:

1. Review Your Will

Major life events such as marriage, divorce, births, or deaths may quickly make your Will outdated. For example, in Victoria, marriage may revoke your existing Will unless it was made in contemplation of marriage.

Consider checking that:

• Your executor is still appropriate.

• Your beneficiaries still reflect your current wishes.

• Any specific gifts or bequests are still relevant and that you still personally own the assets you intend to gift.

Why it matters: An outdated Will may result in unintended beneficiaries or complications for your loved ones.

2. Reassess Your Enduring Powers of Attorney (Financial and Personal) and Medical Treatment Decision Maker documents 

Estate planning isn’t just about the future. It’s also about protecting yourself now.

Consider checking:

• Are your appointed attorneys and decision-makers still the right people?

• Do you have both a Financial and Personal Enduring Powers of Attorney and a Medical Treatment Decision Maker document in place?

Why it matters: If your attorneys or decision-makers are no longer suitable, or your circumstances have changed, important decisions about your finances, personal matters, medical matters or health may be made by someone who is not best placed to act in your best interests.

3. Check Superannuation Beneficiary Nominations

Superannuation isn’t automatically governed by your Will.

Consider checking that your superannuation death benefit nominations:

• Reflect your current estate planning wishes.

• Are valid and up to date.

Why it matters: An outdated superannuation death benefit nomination could mean your superannuation death benefit goes to someone you no longer intend.

4. Update Newly Acquired Assets

Have you bought property, started a business, or acquired significant assets? Make sure your estate planning reflects your current financial situation. 

Why it matters: If assets recently acquired or not yet included in your estate planning are omitted, they may not be distributed as you intend, which could lead to confusion or disputes among your loved ones.

5. Consider Your Digital Footprint

From online accounts to social media, your digital assets need planning too.

• Document important accounts and passwords securely.

• Include instructions for managing them after your passing.

Why it matters: Without guidance, access to digital assets can be complicated or lost, and your wishes may not be honoured.

Spring cleaning isn’t just for your home. Regularly reviewing your estate planning ensures it stays valid, effective, and aligned with your current estate planning goals and objectives. 

If you’re unsure where to start or need help updating your estate planning documents, we can guide you every step of the way with practical, personalised estate planning advice.

Contact us today to book your estate planning review.