Make sure your affairs are in order for 2024

As we look to 2024, one important action you can do is ensure that your will is up to date.? It is often overlooked as we navigate our daily lives, however it is important to ensure that your will reflects any change in your circumstances.? Changes such as additions to the family, purchase of investment property, sale of assets, increased savings etc.? All of these changes affect your will.? Below are some important things to consider when drafting your first will or updating your existing one.

Executor: An executor is the person who will be responsible for managing your estate and ensuring that your wishes are carried out.? Choose someone you can rely on to be able to action your wishes accordingly.?

Asset Review: It is important to ensure that your will and beneficiaries reflect your current financial situation.? Make time to regularly review your assets such as property, investments and savings and ensure they are detailed in your will.?

Beneficiaries: Families constantly experience changes such as marriages, divorce, births and deaths.? These changes can affect who you want to include in your will so regularly check your list of beneficiaries to ensure it is up to date.?

Guardianship of Minors: It can be a parent’s worst nightmare to have to think about leaving their young children early.? It is important that should you have children under 18, you have a guardian appointed in your will should the worst happen.??

Healthcare Directives: Ensure you provide clarity around decision- making should you become incapacitated.? Include healthcare directives and powers of guardianship as appropriate.?

Digital Assets: Another area to think about is your digital assets such as social media accounts, online banking, and digital files.? Leave clear instructions and passwords (securely stored) of the various accounts to avoid confusion and upset.

Consider a Trust: Think about setting up trusts to assist in managing your assets, particularly for minor beneficiaries.?

Tax Implications: Get advice regarding potential tax implications for your beneficiaries and wider estate.? Keeping informed of changes allows you to plan accordingly.?

Charitable Donations: Many people now leave financial donations to charities that are close to their heart or who have assisted their family.? If you wish to leave a charitable donations, specify this clearly in your will.

Compliance: Laws can change which means regular reviews of your will is important to ensure that it is still valid.

We hope the above has been useful in providing you some insights regarding your Will.? If you do not currently have a will or it has been some time since it has been reviewed then take action today.? Contact our Wills and Succession team for a consultation to ensure that you and your loved ones are cared for.