So you reckon you are too young and healthy to worry about a Will. Sorry, you need to think again!
Life is interesting; it is full off twists and turns, you leave school, get a job, fall in love, have kids, they get married, you get grandkids and throughout all of this chaos your relationships grow and change.
Your Will should reflect these changes.
Without an up-to-date Will and Power of Attorney document, if some unforseen circumstance happens you may regrettably find that your hard-earned assets or even children could pass into the hands of an unwanted or inexperienced relative.
Imagine what could happen to your business if you get sick, or die, or if there is a Will challenge. The last thing you want is your business grinding to a halt or your loved ones having to deal with the stress of sorting out your financial affairs while they are trying to cope with your illness or death.
Everyone needs to review their Wills and Power of Attorney documents periodically to ensure they continue to meet your current situation, goals and wishes.
The Best way to remember to update your Will is when a major event happens in your life.
Here are the top ten.
- Getting married, entering a de facto relationship, getting divorced or widowed
- Having children or marrying someone who already has children
- When children, grandchildren come of age or mental or physical capacities change
- When chosen executors, trustees or guardians are no longer suitable or capable of fulfilling these important roles
- If you have or are about to acquire or inherit significant wealth
- Starting, buying or selling a business, property or other significant asset
- Holding or having rights to assets under trusts or superannuation funds
- Travelling regularly, or being away for an extended period
- Bringing partners or family members into a business
- A business partner going through a divorce, sickness or dies (yes, this can have a significant flow-on effect for you and your business!)
At The Wealth Centre our Estate Planning team is more than happy to chat to with you about the implications of these life changing events and options available to give you and your family peace of mind. Call our friendly team on 1300 132 648 to book your consultation