• Trustees Private Wealth

Dec 19, 2020

The Holiday Season – is your Estate Plan up to Date?

Families and Loved Ones Coming Together

Great food, family and friends getting together, holiday cheer, and estate planning! While it may seem like a less than ideal topic for a chat round the BBQ this Boxing Day, estate planning is important and the holidays can also present the perfect opportunity to get things in motion.

With siblings scattered across the country, grandchildren away at university or overseas, it’s rare that family members are the in the same place at the same time. Odds are that Christmas get-togethers are the only exception. Take advantage of having more of your loved ones under one roof so you can have the conversations you need to have with individuals or a group.

Don’t leave things to chance. An updated estate plan is the greatest gift you can give to your family over the Christmas holidays as it’s the only way to make sure your spouse, children, assets and wishes will stay protected should something happen to you.

Consider the following these holidays: 

Your Will

  1. Guardianship – If you have children, have you named guardians in your will to take care of them if something happens to you? Are you still happy with the people you originally chose?
  2. Relationship circumstances and beneficiaries – If you have separated or divorced, is your ex-partner still named as a beneficiary in your will? Have you married or started a new relationship since you signed your will?  If so it’s time to update and ensure all your beneficiaries are exactly as they should be.
  3. Regardless of what inspires you to update your will, the most important thing is to have one in the first place. There is nothing more punitive to an estate that you've worked so hard building, than to die without a will as the government decides how your assets are distributed which may not be what you would have chosen.


Your Enduring Powers of Attorney (EPAs)

  1. Do you have EPAs in place should you become incapacitated either through an accident or sudden illness? These are essential documents that allow someone you trust to make medical and financial decisions on your behalf until you are able to speak for yourself.  
  2. What happens if you don’t have an EPA? It is not as simple as your spouse, family or friends stepping in to access your personal bank accounts, pay bills in your name, manage your investments or mortgage, as they would not have the authority to do so. Instead, they would have to apply to the Family Court to be appointed manager of your affairs which can take several months and incur substantial costs.


Your Trust

Trust assets: Now is the time to check whether you want to add any further assets to your trust.


Be prepared by making the necessary updates to your estate planning documents. Contact us today. Call 0800 878 783 or email [email protected]

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