Life Situations
People rarely begin estate planning because they want a document. They begin because something has changed, a concern has arisen or an existing arrangement no longer feels certain.
This page helps identify the questions a life event may raise. It does not mean every change requires every document to be replaced.
Family and relationships
Family changes may alter who should benefit, who should act and whether a direct inheritance remains appropriate.
A new relationship can change family responsibilities, beneficiary intentions, property ownership and the people expected to act. Existing documents should be checked against the new circumstances.
Questions to consider
A new child often changes who should benefit, who may care for the child and how an inheritance should be managed while the child is young.
Questions to consider
A relationship ending may affect intended beneficiaries, appointments, jointly owned property, superannuation nominations and the practical operation of existing documents.
Questions to consider
Blended families often involve competing responsibilities, different asset sources and a need to balance immediate support with the longer-term interests of children.
Questions to consider
Estrangement, differing needs or unequal contributions may lead to a deliberate decision to treat beneficiaries differently. The reasoning and practical consequences should be considered carefully.
Questions to consider
A passing may change intended beneficiaries, substitute appointments, expected inheritances and the people available to carry out an existing plan.
Questions to consider
Property, work and finances
A Will controls estate assets. It may not control jointly owned property, superannuation or assets held through another structure.
A major property transaction may change the value and composition of the estate, how assets are owned and whether a particular gift in a Will still works.
Questions to consider
A move can alter ownership, available assets, living arrangements and the practical assumptions behind an existing estate plan.
Questions to consider
Business ownership can introduce succession, control, debt, insurance and valuation issues that need to be coordinated with the personal estate plan.
Questions to consider
A promotion, new job, redundancy or retirement may affect superannuation, insurance, assets, liabilities and the people who depend on the estate plan.
Questions to consider
An inheritance may change the value and structure of the estate and create new questions about ownership, protection, equalisation and future management.
Questions to consider
Superannuation and life-insurance benefits may not follow the Will automatically. New funds, policies or nominations should be considered alongside the estate plan.
Questions to consider
Health and capacity
A Will operates after passing. Lifetime appointments are needed where another person may have to make financial, property, personal or lifestyle decisions during life.
A sudden health event can highlight the need for trusted people to manage financial, property, personal and lifestyle decisions during a period of incapacity.
Questions to consider
Where capacity may decline, planning should occur while the person can still understand and make their own decisions.
Questions to consider
Becoming responsible for a partner, parent, child or other dependant can change who relies on the plan and how support should continue if the carer cannot act.
Questions to consider
A gradual change in independence may affect living arrangements, decision-making, asset management and the suitability of existing appointments.
Questions to consider
Travel and temporary risk
The purpose is not to assume the worst. It is to make sure substitute appointments, access to documents and simultaneous event provisions are clear.
When partners or family members travel together, the same event could affect more than one person. Substitute appointments and beneficiary pathways should be clear.
Questions to consider
Extended travel can make practical access to documents, decision-makers and financial authority more important, particularly if something occurs while away.
Questions to consider
Temporary relocation, fly-in fly-out work or living interstate or overseas may affect availability, ownership, residency and the practical suitability of appointed people.
Questions to consider
When to review
There is no single event or fixed timetable that suits every family. The practical question is whether the documents, appointments and asset pathways still support the intended outcome.
Read the common estate-planning mistakes article →Related reading
Read only as much as helps you understand the decision or prepare for a discussion.
Start with the wider plan and the different stages it may need to cover.
Read article →See how lifetime appointments, the Will and later trust management connect.
Read article →Consider the competing responsibilities and pathways common in blended families.
Read article →Understand why the form of ownership can determine whether property follows the Will.
Read article →Understand why superannuation and the Will should be reviewed together.
Read article →Use the common mistakes article as a practical review prompt.
Read article →A change does not need to be assessed alone
Geoff can help identify which parts of the plan require attention, what can remain in place and whether specialist advice is also needed.
