End of Financial Year: The Perfect Time to Get Your Legal Affairs in Order

End of Financial Year: The Perfect Time to Get Your Legal Affairs in Order

As the end of the financial year approaches, most people turn their attention to tax returns, business reporting, and financial planning. But there’s another equally important area that deserves attention at this time of year: your personal and business legal affairs.

Just as you would organise your finances annually, it’s good practice to also review the legal structures, documents, and protections that support your life, your assets, and your family.

Below are some key legal matters that are worth reviewing and actioning as you head into the new financial year.

 

1. Review Your Will and Estate Plan

Life changes, so your Will should also keep pace. A current Will ensures your last wishes are clear, it reduces stress for your loved ones, and helps avoid unnecessary disputes or delays. Because relationships change over time, it’s also important to regularly review not only your chosen executors, who will manage your estate following your death, but also your beneficiaries and any specific gifts you’ve allocated to particular individuals. Are these persons still appropriate?

 

2. Check Your Enduring Powers of Attorney (EPAs)

EPAs allow someone you trust to make decisions on your behalf if you become unable to do so. Without EPAs, your family may face long and costly court processes during an already difficult time. Are your attorney’s still the right people to act for you?, do you trust them to make decisions in your best interests? And, are they willing to still take on this role? If you have an older EPA, it’s worthwhile checking to see if you have successor attorney provisions in those documents. If so, are the successor attorney(s) still appropriate?

 

3. Review Your Family Trust or Asset Protection Structures

If you have a family trust or business structure, an annual review is essential to ensure that both still meets your goals for asset planning purposes and as part of your business structure. The other thing to consider is your Trust compliant with new Trusts Act 2019? If it isn’t your Trust is not compliant, and chances are your trustees are being held to director style obligations in managing the Trust.

 

4. Ensure Your Business Documents Are Current

For business owners, the end of the financial year is the perfect prompt to revisit your company frameworks. Keeping these updated helps minimise risk, avoid disputes, and ensure your business is legally protected. And, if you are a shareholder, it’s also worthwhile revisiting your shareholder’s agreement – does this need to be updated? Have circumstances changed that necessitate changes to your agreement?

 

5. Assess Insurance and Risk Protection

Legal planning and financial protection often go hand‑in‑hand. As your life or business changes, your insurance should evolve with it. Do you have adequate cover? Are you named beneficiaries still appropriate?

 

6. Organise Personal and Business Records

Create or update a secure place physical or digital, where important documents can be easily accessed by you or your trusted decision‑makers. This may include:

• Wills and EPAs
• birth, marriage, and citizenship records
• trust deeds
• business records and contracts
• property titles
• insurance policies

Keeping good records not only saves time but also becomes invaluable if there is a sudden death or a loss of capacity. Having your important documents stored in one place makes it far easier for those closest to you to access the advice and support they need at the moment they need it most.

 

7. Seek Professional Advice

Year‑end is a natural checkpoint. Speaking with a legal professional ensures:

• your documents comply with current law
• your personal circumstances are accurately reflected
• your assets and loved ones are properly protected
• that any documents that need to be updated can be attended to.

 

Investing a little time and preparation now can spare you from major complications in the years ahead. The end of the financial year isn’t just about balancing figures, it’s a moment to pause, reflect, and make sure your legal affairs genuinely work for the life you’re building. Whether you’re protecting your family, securing your business, or planning for the unexpected, this is an ideal time to get everything in order.

 

Prepared by Kaylee Firmin, Senior Legal Executive.