Feb 12, 2024

New Year, New Will: Why updating your Estate plan is a resolution worth keeping

As our summer holidays are over, schools have returned for the term, and the working weeks are truly in place, it's a great time to start thinking about those yearly goals and resolutions. Whilst you're making your way into the city through traffic it's the perfect time to make resolutions to shed bad habits, embrace healthier choices, and chase bolder dreams. But amidst the gym memberships and detox diets, there's one resolution often overlooked: updating our Will.

Think of your Will as a roadmap for your legacy. It lays out your wishes for your assets, ensures your loved ones are cared for, and minimises confusion and conflict during an emotionally charged time. Yet, just like that treadmill gathering dust in the corner, our Wills tend to become neglected companions, outdated and ill-equipped to handle the twists and turns life throws our way.

So, this New Year, let's break the cycle and commit to a resolution with lasting impact: review and update your Will.

Here's why it's more important than ever:

Life Changes, Wills Need to Catch Up

Did you welcome a new family member this year? Did your child graduate and become financially independent? Did you experience a career shift or acquire a significant asset? Each of these milestones necessitates reassessing your Will to ensure it accurately reflects your current wishes and circumstances.

Peace of Mind for You, Clarity for Your Loved Ones

An outdated Will can be a recipe for confusion and conflict. By proactively updating it, you eliminate ambiguity and provide your loved ones with a clear understanding of your wishes, minimizing potential emotional burdens during a difficult time.

Protecting Your Loved Ones in Unexpected Ways

Life is unpredictable. Updating your Will allows you to address potential scenarios not considered when it was first drafted. This could include appointing guardians for minor children, establishing trusts for specific beneficiaries, or outlining preferences for medical care.

Making the Process as Painless as Possible

Let's be honest, contemplating our mortality isn't the most pleasant pastime. However, the longer we put off updating our Will, the more complicated the process becomes. This year, make it a priority to tackle this task while emotions are running high on new beginnings.

Updating your Will might not be as glamorous as learning a new language or finally scaling that mountain, but its impact is far-reaching. It's a gift of peace of mind, clarity for your loved ones, and a responsible step towards shaping the legacy you leave behind. So, as you raise a toast to the new year, remember that a resolution to revisit your Will is one worth celebrating.

Cheers to a year filled with fresh starts, confident choices, and the comfort of knowing your future is well-charted!

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About Trustees Executors

Trustees Executors Limited was established in 1881 and is New Zealand’s first Trustee Company.
We provide a full range of financial and trust solutions to individuals, families and the corporate sector, including estate planning, trustee and investment advisory services.
We are a Licensed Financial Markets Supervisor and a leading provider of specialist Corporate Trustee and back-office fund administration services to some of New Zealand’s largest financial institutions, banks and fund managers. 

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