It’s that slightly odd public holiday, the AFL Grand Final Eve. If your team is playing, it’s electric. If they’re not, it can feel like a day off without a plan.
At OFRM Lawyers, we’ve got a tradition worth adopting: use the day to check your Will and Powers of Attorney.
We know it’s not quite as exciting as the footy, but setting aside one day each year to review your documents can save you and your loved ones stress down the track.
When checking your Will, you should consider the following:
Are the Executors named in your Will still right for your current situation?
Are any of your children now aged over 18 and could be your Executor?
Have you commenced a new relationship, got engaged or married since the Will was made?
Have you had a relationship end or been divorced since your Will was made?
Does your Will cover your current assets?
Do you want to include (or remove) any specific gifts to friends or family members in your Will?
Do you want to include gifts to charities in your Will?
Should you change the time that funds are held on trust by Executors, given the age and circumstances of your children?
Have there been changes in circumstances for your beneficiaries that require an alteration to your Will?
Do you now need to provide for grandchildren?
Do you need to now have a testamentary trust to protect what is provided for your beneficiaries?
Are there any loans or other arrangements that need to be covered in your Will?
Do you need to update the guardianship arrangements for your children?
Are your Powers of Attorney right for your current and likely future circumstances?
Even small life changes can impact your legal documents. That’s why we recommend checking them annually. The AFL Grand Final holiday is the perfect reminder.
If anything needs updating, we’re here to help.
You can call us on 03 5445 1000 or book online.
Mark it in your calendar for next year now: Grand Final Eve = Will Check Day.
