Richard and Sally thought they had everything sorted – Wills in place and legal affairs in order. But life happened and things changed. Richard’s executor moved overseas, making estate management difficult. Their daughter Sarah developed a gambling problem, raising concerns about her inheritance and Sally inherited a holiday home in Australia, only to discover unexpected tax implications. Their “set and forget” plan suddenly needed urgent attention. Time passes quickly and many people don’t realise their legal affairs need to be reviewed and updated regularly to ensure changes in circumstances do not cause future problems. If any of the following situations sound familiar, it’s time to act:
- Changes in Relationships: Have you married, separated, or fallen out with someone named in your Will, Trust or Enduring Powers of Attorney? Is your executor or trustee no longer willing or able to act? Review now so that you can protect your estate and avoid costly legal issues down the track.
- Changes in Finances: Have you purchased a new business, received an inheritance, or acquired a major asset? Are you sufficiently protected? David intended to transfer his home into a trust but never did. When his business collapsed, liquidators forced the sale of his family home. A legal review could have helped to protect it.
- Changes in the Law: Laws continue to evolve. The Trusts Act 2019 introduced new obligations that may affect your Trust. What worked five years ago may no longer be the best structure or protection for you and your assets.
Is it time to review? If your circumstances have changed, ensure your legal affairs still reflect your wishes. A quick legal check in now can save unnecessary stress and costs later. Get in touch — we’re happy to help.