End of Financial Year Review of your Estate PlanningEOFY! The 30th June deadline is fast approaching!

Tax time and the EOFY is a time when we stop and take stock of where things are at, and where they are headed. 

Usually, we think this time of year is all about our finances. 

For our tax, we review our finances, assets, investments and liabilities. We examine our business structures and take time to plan, budget and forecast for the next financial year. We set personal and/or business targets for the next financial year. 

We make or adjust plans where there have been changes in circumstances during the last financial year. 

Did you know that some of these financial decisions could be impacting on your estate planning? Estate planning is the process of planning ahead to make sure your affairs are in place when you pass away or become sick and can no longer make decisions yourself. 

So, as well as reviewing your financial status, this is also the perfect time to get your estate plan in order or take time to review what you have in place already. Everyday financial changes can have an impact on your Estate Planning. This may include changes in the structure of investments, ownership of assets, the setting up of family trusts or self-managed superannuation as part of taxation strategies and alterations to business and corporate structures you have in place. 

Any major life change should trigger a ‘check in’ with your solicitor to see whether your Will and other documents (e.g. Enduring Power of Attorney & Appointment of Enduring Guardian) are still relevant and in accordance with your wishes. 

Major life changes can include (but are not limited to) death of an appointed executor/beneficiary, marriage, separation, divorce, entering a new relationship, birth of children/grandchildren, buying property, estrangement or a falling out with a beneficiary, going overseas, being diagnosed with an illness, your children becoming adults, winning the lottery, entering a business and/or setting up a company. As you can see, the reasons for reviewing your documents are many and varied! 

We suggest that you make a routine of ‘checking in’ with your solicitor at least once every two years to make sure all your Estate Planning affairs are in order. 

Our team can review your current Estate Planning documents and determine if any changes need to be made. Alternatively, where a Will has not been made, we will help you work out who you would like to appoint to the various Estate Planning roles. 

We often communicate and collaborate with client’s accountants and financial advisors to ensure that what you have set up with your finances will work with your estate planning documentation. 

Just like you feel a sense of relief when you hit ‘lodge’ on your tax return, you will feel that same sense of satisfaction once you know your Estate Planning is in order and up to date. 

Please contact one of our Wills and Estates Team solicitors, for an appointment at Blackwell Short on 02 6393 9200 

“Liability limited by a Scheme approved under the Professional Standards Legislation. This article does not constitute legal advice and provides general information only.”