The Easter Bunny’s Guide to Estate Planning
Estate planning might not be as fun as an Easter egg hunt, but just like planning the perfect hiding spots, a little preparation now saves confusion (and chaos) later. If your estate plan is outdated or non-existent, your loved ones could end up with an expensive mess instead of the secure future you intended.
Let’s crack open the reasons why you need to review your estate plan this Easter and make sure all your ‘eggs’—assets, guardianship, and legal documents—are safely in the right basket.
Why update your Will this Easter?
Life changes quickly, and your will should keep up. If any of the following have happened since you last updated your will, it’s time for a refresh:
- New family members (babies, marriages, or stepchildren who should be included)
- Changes in relationships (divorce, separation, or estrangement)
- New assets (buying property, starting a business, or significant financial changes)
- Changes in executors or guardians (if the key people you originally chose are no longer the best fit)
- Relocation (moving interstate or overseas can impact legalities)
- Health concerns (if you or a loved one have a condition requiring a power of attorney or guardianship)
Just like you wouldn’t leave chocolate eggs out in the sun, you shouldn’t leave an old, outdated will sitting in a drawer!
Updating your will isn’t just about making sure your assets go to the right people—it’s also about protecting your family from unnecessary stress and legal complications. Imagine your loved ones dealing with an outdated will that no longer reflects your current circumstances. This could lead to family provision disputes, delays, and financial strain at an already emotional time.
Another important reason to review your will is to ensure that it aligns with any legislative changes. Laws around estate planning and inheritance can change, and what was valid a few years ago might need adjusting to comply with current regulations. Keeping your will up to date ensures your wishes are carried out exactly as you intend.
Think of reviewing your will every couple of years like an Easter tradition—just like you refresh your decorations or try a new chocolate recipe, reviewing and maybe refreshing your estate plan ensures everything is in order and ready for the future.
Estate planning: More than just a Will
A will is a great start, but estate planning goes beyond just distributing assets. Consider these key documents:
- Powers of Attorney
If you’re unable to manage your financial affairs, a power of attorney lets someone you trust handle them for you. Without one, your family may need to go through costly legal processes to take control.
- Enduring Guardianship
Who would make medical or lifestyle decisions for you if you couldn’t? An enduring guardian can make choices about your healthcare, living arrangements, and medical treatments if you’re unable to decide for yourself.
- Superannuation & beneficiary death nominations
Many people don’t realise that superannuation isn’t automatically covered by a will. Check your beneficiary nominations to ensure your super goes where you want it to.
- Business succession planning
If you own a business, have you considered what happens if you pass away or become incapacitated? A solid plan can prevent unnecessary stress and financial losses for your family or business partners.
Case Study: The tale of two Easter egg baskets
Meet Sarah and Jack. Both had young families, but only one had their estate plan sorted.
- Sarah had an up-to-date will, power of attorney, and enduring guardianship. She’d also left clear instructions for her superannuation and assets. If something happened to her, her family knew exactly what to do.
- Jack, on the other hand, had a will from 15 years ago, naming his ex-wife as his main beneficiary. His new partner and children weren’t included. He also had no power of attorney or guardianship in place.
When Jack unexpectedly fell ill, his family faced legal roadblocks, unnecessary stress, and costly delays. Meanwhile, Sarah’s estate was managed smoothly with minimal fuss.
The lesson? A little estate planning now saves a world of trouble later.
FAQs about Estate Planning
Q: How often should I update my will?
A: Every 2 years or whenever you experience a major life change. such as marriage, divorce, the birth of a child, or acquiring significant assets. Regular updates ensure your will reflects your current wishes and complies with any legal changes.
Q: Can I write my own will?
A: While it’s possible to write your own will, it’s not recommended. DIY wills often contain errors, omissions, or vague language that can lead to disputes or legal challenges. Not to mention that DIY wills aren’t always signed correctly. An experienced estate planning lawyer ensures your will is legally valid, covers all necessary aspects, and minimises potential complications for your loved ones.
Q: What happens if I die without a will in NSW?
A: If you pass away without a will (intestate), your assets will be distributed according to NSW intestacy laws. This means the government decides who inherits your estate, which may not align with your wishes. It can also create delays and stress for your family, particularly if there are disputes over who should receive what.
Q: Do I need a power of attorney if I’m still young?
A: Absolutely! Many people assume estate planning is only for the elderly, but accidents and illnesses can happen at any age. Having a power of attorney in place ensures someone you trust can manage your financial affairs if you become incapacitated. Without one, your family may face lengthy and expensive legal processes to gain authority over your affairs.
Q: Do I need an enduring guardianship if I’m still young?
A: Yes! Accidents and illnesses can happen at any age. An enduring guardianship ensures someone can make health and lifestyle decisions if you’re ever unable to.
Hop to it: Get your Estate Plan in order!
Don’t let your estate plan get stale—just like you wouldn’t want last year’s chocolate eggs! Easter is the perfect time to review your will, powers of attorney, and enduring guardianship documents.
At Copeland Estates Legal, we make estate planning easy, stress-free, and even a little bit fun (well, as fun as legal documents can be!). Book a chat with us today and tick this important task off your list—before the Easter Bunny gets to it first!
Send us an email at [email protected], give us a call on 📞 1300 034 487 or book in a free 10 minute chat here.
We’ll look after you.
