Quick guide to assist you in determining whether it’s time for you to re-do your Will, Power of Attorney and Guardianship

Many people prepare a Will and leave it “tucked away” for many years, never turning an eye to it. Alternatively others consider it to be one of those tasks that is “just too hard” and gets put aside for another month, year or decade.

There are many reasons to have a Will; review and update your Will; and consider whether it may be necessary for you to have a Power of Attorney and/or Guardianship.

Below is a checklist of events that may prompt you to do so.

·         The individuals you have named in your Will are deceased.

·         New people need to be added to your Will (e.g. birth, adoption).

·         You have divorced or married since the last time you prepared your Will.

·         You wish to change the guardians of your infant children, your executors, or trustees.

·         Your children have reached the age of eighteen.

·         There has been a substantial increase or decrease in the value of your estate.

·         You have acquired or disposed of a significant asset since the date of your last Will.

·         The passage of time is reason enough. You should review your Will and estate planning documents every three to five years.

Do I need one?

If something should happen to you, leaving you alive and unable to manage your personal affairs, who would you nominate to make your financial and legal decisions?

Alternatively, if you frequently travel, who can sign legal documents in your absence should the need arise?

If you already have a Power of Attorney, consider:

·         Are the people you have nominated still appropriate?

·         Have your Attorneys moved overseas or interstate?

·         How old are the people you appointed?

·         Is it an Enduring Power of Attorney?

Do I need one?

If something should happen to you, and you are unable to manage your person, who would you nominate to make decisions concerning your health, care and welfare (but not financial decisions).

If you already have a Guardianship, consider:

a.    Are the people you nominated still appropriate?

b.    Have your Guardians moved overseas or interstate?

c.    How old are the people you appointed?

d.    Do the people you appointed know what you really want in the event they are called upon to make decisions concerning your health and lifestyle?