10 Will must-dos before life gets too busy: A 2024 checklist

The new year often sparks a desire for fresh starts and clean slates. This January, why not extend that feeling to your estate planning? Taking a moment to ensure your Will reflects your current life and wishes can bring peace of mind and clarity for your loved ones. 

Here at OFRM, we understand the importance of a well-crafted Will. To help you navigate this vital task, we've compiled a checklist of 10 key areas to review: 

1. Beneficiaries: Life evolves, and so should your Will. Are the beneficiaries you named still the ones you want to receive your assets? Have there been any births, marriages, or separations that impact your desired distribution? 

2. Asset check-up: Have you acquired or sold any significant assets since your Will was written? Houses, cars, investments – it's crucial to ensure your Will accurately reflects your current holdings. 

3. Executor evaluation: The people you entrust with carrying out your wishes deserve careful consideration. Are your appointed executors still capable and willing to take on this responsibility? 

4. Age of your children: When providing for your children in your will the designated age for distribution might need adjusting as they mature. Is the current age in your Will still appropriate for their situation? 

5. Special gifts: Does a new item or gift hold a place close to your heart? Consider including a specific gift or memento in your Will to leave a lasting reminder of its importance. 

6. Giving back and charitable gifts: January is a time for reflecting on what matters most. Have you considered using your Will to leave a lasting legacy by specifying charitable donations? 

7. Digital footprints: In today's digital world, assets extend beyond the physical. Do you have a plan for your online accounts, passwords, and digital possessions? 

8. Super savvy: Superannuation isn't just for retirement. Double-check that your super is nominated to the right beneficiaries and aligns with your overall estate plan in the event of your death. 

9. Powers of Attorney: An Enduring Power of Attorney entrusts crucial decisions to your chosen representatives. Are the individuals you appointed still the best people for this important role? 

10. Life's twists and turns: Marriages, divorces, births, and illnesses, can all impact your Will. It's crucial to update your document after any significant life changes. 

Remember, your Will is not a set-and-forget document. Taking the time to review and update it regularly ensures your wishes are clearly communicated and your loved ones are protected. 

If you have any questions or need assistance in updating your Will, the Wills & Estate team at OFRM is here to help. You can call us at 03 5445 1000 or visit our website to book an appointment which can take place by video conference or at our offices, whichever suits you best.

Let's start the year with the security of knowing your future is well-planned.