Estate planning often slides down the list until there’s a change at home, a change at work or a change in your finances. But some milestones can change who owns what and who should make decisions for you and how your assets can pass when you die. Estate planning lawyers in Perth can help you update documents before old arrangements cause confusion if you speak with them at the right time.

Marriage

Under Western Australian law, marriage can affect an existing Will. If you are getting married, review your will, executor choices and beneficiary arrangements to make sure they still reflect your intentions.

Getting divorced or separated

A breakdown in the relationship can leave the wrong appointments in place. Divorce can revoke a will in WA unless there is an exception. Separation or divorce does not automatically cancel an enduring power of attorney. Legal advice can help you identify documents that need to be dealt with.

The birth of a child

Inheritance priorities may shift with a new baby. Parents may want to re-evaluate their wishes for guardianship, trusts, executor appointments and how they would like their assets handled for beneficiaries still under the age of 18.

Property purchase

Buying a home, investment property or other major asset can affect the value and structure of your estate. ownership arrangements matter also because some assets may pass outside a will.

Starting/growing a business

Succession can be complicated by business interests. Planning for shareholdings, partnerships, company structures and family trusts may need to be coordinated. An estate planning law firm can help you align your will with control of business and trust assets.

Creating or altering a family trust

When you die, a trust doesn’t automatically become part of your estate. The control may depend on the trust deed, trustee structure and appointor arrangements. By reviewing succession early, the next generation can be given more certainty.

A major shift in wealth

An older estate plan may not be appropriate if you inherit an estate, sell a business, build an investment portfolio, or acquire valuable assets. It’s a good time to review tax issues, asset protection and beneficiary designations.

Changes in health or decision-making needs

Estate planning includes decisions during your lifetime, too. In WA, an enduring power of attorney can allow another person to act in financial and property matters if the terms of the power of attorney allow it. You should prepare these documents when you have legal capacity.

When do you go over your plan?

You don’t need to wait for a crisis. Revise your estate plan following a major personal, financial or family change, and whenever the people or structures named in your documents no longer reflect your circumstances. Timely advice can keep your arrangements practical, current and easier for your family to follow properly.