7 Tips To Update Your Estate Plan After Major Life Events

By Author: Lester Ong
Total Articles: 42
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Estate planning is a crucial process that helps individuals ensure that their assets are distributed according to their wishes after their death. However, estate plans are not static and should be updated regularly to reflect major life events that can affect an individual's financial and personal circumstances. The best trust lawyers in Perth share these tips to update your estate plan after major life events.

Marriage or Divorce

If you get married or divorced, it is essential to review and update your estate plan. If you are getting married, you may want to update your beneficiary designations to include your spouse.

If you are getting divorced, you may want to remove your ex-spouse as a beneficiary and update your will to reflect your new wishes. It is also important to consider updating your power of attorney documents, as your spouse may no longer be the person you want to make important financial or medical decisions on your behalf.

Birth or Adoption of a Child

The birth or adoption of a child is an exciting time, but it also requires a review of your estate plan. You may want to update ...
... your will to include your new child and name a guardian in case something happens to you and your partner. You should also review your life insurance policy to ensure that your child is adequately protected if something happens to you.

Sale or Purchase of Property

If you sell or purchase property, it is important to update your estate plan to reflect the change in your assets. If you sell property, you may want to update your will to remove it as an asset. If you purchase property, you may want to update your will to include it as an asset and name a beneficiary.

Retirement

Retirement is a significant life event that can affect your estate plan in several ways. Wills and estate lawyers in Perth suggest reviewing your retirement accounts and updating your beneficiaries to reflect any changes in your personal circumstances. Additionally, you may want to consider setting up a trust to protect your assets and ensure that they are distributed according to your wishes.

Death of a Beneficiary or Executor

If a beneficiary or executor named in your estate plan passes away, it is important to update your plan accordingly. You may need to name new beneficiaries or executors to ensure that your wishes are carried out properly.

Changes in Health

Changes in health can also affect your estate plan. If you become incapacitated, you may need to update your power of attorney documents to ensure that the person making decisions on your behalf is someone you trust. Additionally, if you develop a serious illness, you may want to review your estate plan to ensure that your wishes are still accurate.

Changes in Tax Laws

Tax laws are subject to change, and it is important to review your estate plan regularly to ensure that it is still in compliance with current laws. Qualified estate planning lawyers in Perth can help you understand any changes in tax laws and how they may affect your plan.

Estate planning requires regular review and updating to ensure that your wishes are carried out properly after your death. By following these tips, you can ensure that your estate plan accurately reflects your current circumstances and protects your assets and loved ones.

Founded in 2002, by its directors Colin Munro and Ron Doig, Munro Doig Lawyers is a leading law firm based in Perth, Western Australia. We have extensive experience in the areas of tax, superannuation, succession, intergenerational wealth transfer, estate planning and commercial law. Our clients include high-net worth individuals and small-medium enterprises. We are also leaders in migration law (assisting clients with visa applications through to appeals and solving complex and difficult migration problems). Munro Doig Lawyers is committed to providing first-class assistance, trustworthy advice and strategic solutions. We maintain long-standing relationships with our clients; we think outside the box and provide leading-edge solutions. We look forward to helping you. Call us on 08 9426 6222 or visit http://www.munrodoig.com.au to find out more!