When Did You Last Review Your Estate Plan?

Estate planning is often one of those topics that gets pushed onto the “I’ll get to it” list. And it’s no wonder this often happens – estate planning can be hard and knowing where to start is usually the most difficult step.

To assist with this, we’ve come up with a broad list of questions that may prompt some thinking and family conversation.

These are listed below:

1. In the event of your death, what would you like to happen?

2. Who would you like to look after your children?

3. When do you feel your children would be responsible enough to receive their full or part inheritance?

4. Who would be suitable as your executor?

5. Do you have specific items that you would like left to certain individuals?

6. Would you like to leave a charitable bequest?

7. What allowances have you made for the inequitable distribution of your estate? (If one exists)

8. Is your estate likely to be contested?

9. Who would you like or trust to act as your enduring power of attorney?

10. Are any of your beneficiaries currently bankrupt or likely to run into trouble if they are left a sizable amount of money?

This is not an exhaustive list by any means, but it may serve as a starting point. The next step is to list out all of your current assets, debts, life insurances, including the owners of these. Do a tally of your total estate and consider how it would be left in its current form if you died suddenly. Then consider if you’re happy with things as they stand now or would like to make some alterations.

Life changes that should prompt a Will to be reviewed are marriages and divorces, the arrival of children and grandchildren, and major changes in your business structures.

If you’d like our assistance with updating your estate planning, please don’t hesitate to contact us.

We’re not able to draft a Will, but we can help you to get your ducks lined up before you approach a solicitor.