Seven important life events for estate planning

Date: Nov 21, 2012
Document Type: Article

1.    New Job

When you get your first full-time job, you should think about updating your will or creating one if you haven't already. Following this important life event you are likely to accumulate savings and assets which should be dealt with in your will. When you create or update your will you should consider making a binding death nomination for your superannuation.

2.    Going into business or incurring liabilities

Entering a new business or incurring significant liabilities can affect your estate. When entering into a business or incurring significant liabilities you should review your financial arrangements with an experienced lawyer including your will.

3.    Purchasing real estate

Purchasing real estate is an achievement and an important life event. Through good estate planning you can protect your investment . When you purchase real estate you should talk to your lawyer about estate planning to ensure your property is held and passes on your death according to your wishes.

4.    Marriage

Marriage is an important life event that revokes a valid will. Therefore when you marry it is important to redraft your will. If you already own property or you have children from a previous relationship you should talk to an experienced lawyer about estate planning to manage future claims against your estate.

5.    Divorce

Divorce also impacts on your estate including revoking gifts to your former spouse. When discussing divorce and property settlement with your lawyer you should also seek estate planning advice.

6.    Parenting

Becoming a parent is one of the most important life events. You need to consider how you will ensure the well being of your children if you die. As well financially providing for any children you should talk with your partner about any guardian that you want your child to have if you were to die before they become legal adults.

7.    Life changing events for beneficiaries

If one of your beneficiaries experiences a life changing event such as illness, marriage or divorce you should talk to an experienced lawyer about potential estate planning issues. For example, if one of your children becomes disabled it may be appropriate to set up a disability trust in your will.

To talk to an experienced lawyer about estate planning options call us on 8268 4000.

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