It can sometimes be the last thing on your mind when you have separated, updating your estate planning documents to reflect the changes in your life or relationship.
However, updating your Will, Power of Attorney and Death Benefit Nominations for your superannuation policies is an important part of moving forward with your life and should not be put into the ‘too hard basket’.
One of the first questions we will ask during an initial attendance is whether you have current estate planning documents. The reason for doing this is simple, you might want to update how your assets will be distributed in the event of your untimely demise.
If you have divorced your former spouse, certain parts of Wills and Powers of Attorney will automatically become invalid.
Binding Death Benefit nominations under superannuation entitlements can last for up to three years and can mean that superannuation and insurance policies will be paid directly to nominated beneficiaries rather than into your estate.
As part of finalising your property settlement, you may which to set up structures to hold property for taxation or asset protection purposes. It is important to consider how this might impact upon your estate planning in the future. We regularly work with financial planners and accountants to ensure that you can utilise appropriate structures which can fit into your estate planning needs in the future.
Although we do not prepare Wills and Powers of Attorney, we are happy to work your professional advisors to ensure that an appropriate referral is provided and that your particular estate planning needs are properly considered.