Starting the Year Right: Review Your Will & Enduring Power of Attorney

Starting the Year Right: Review Your Will & Enduring Power of Attorney

A new year naturally brings a sense of reset, a chance to get organised, set goals, and make sure the important parts of life are in good order before things get busy again. One of the most valuable (and often overlooked) tasks you can add to your annual checklist is reviewing your Will and Enduring Powers of Attorney (EPAs).

These documents are the backbone of personal planning. They protect your wishes, your family, and your assets. Yet many people sign them once and never look at them again. Life, of course, doesn’t stand still and that’s exactly why a yearly review matters.

1. Life changes faster than you think

A Will or EPA that was perfect five years ago may no longer reflect your circumstances today. Common life changes that should trigger an update include:

• New relationships or separations.
• Births of children or grandchildren
• Buying or selling property.
• Changes in financial circumstances.
• Death or incapacity of someone named in your documents.
• Shifts in family dynamics.

Even if none of these events occurred last year, a quick annual check ensures your documents still reflect your current intentions.

2. Your Executors and Attorneys need to be the right people

Your Will appoints executors to manage your estate following death. Your EPAs appoint attorneys to make decisions about your property and personal care if you lose capacity. It’s also worth pointing out that EPAs do not continue post death.

Both roles require trust, capability, and availability. Over time, relationships evolve, people move away, or circumstances change. An annual review helps you confirm:

• Are these still the right people.
• Are they still willing and able.
• Do you need backups or replacements.

Choosing the right decision makers is just as important as the decisions themselves.

3. Your assets change over time

Most people acquire or dispose of assets regularly, a new home, a business, investments, vehicles, or even digital assets. If your Will doesn’t reflect your current asset structure, your estate may not be distributed the way you expect.

A yearly review ensures:

• New assets are included.
• Outdated gifts are removed.
• Your estate plan aligns with your financial reality.

This avoids confusion, disputes, and unintended outcomes.

4. Protecting your loved ones

A Will is more than a legal document; it’s a way of caring for the people who matter to you. Reviewing it each year helps ensure:

• Children have appropriate guardians.
• Partners are properly provided for.
• Family members with special needs are protected.
• Specific gifts are left to named individuals.
• Charitable gifts are up to date.
• The residue of the estate is properly dealt with.

As your family’s needs evolve, your planning should evolve with them.

5. EPAs are critical – and often forgotten

Enduring Powers of Attorney are essential if you become unable to make decisions due to illness, accident, or age related conditions. Without EPAs:

• Your family may need to apply to the Family Court, which is an expensive exercise.
• There can be delays in managing your finances and accessing accounts for that purpose.
• No one may have authority to make health or care decisions.

Reviewing your EPAs annually ensures:

• Your attorneys are still appropriate.
• Your instructions and preferences are clear.
• Your personal care and property will be managed smoothly by someone you trust to step into your shoes.

EPAs are often more important during your lifetime than your Will.

6. Law changes can affect your documents

Because the law is not static, changes can impact how Wills or EPAs operate. A quick annual review with your lawyer helps to ensure that your documents are still compliant with current law and reflect best practice.

7. A review takes minutes whereas fixing problems takes months

A simple check in each January can prevent:

• Family disputes.
• Delays in estate administration.
• Unintended beneficiaries.
• Costly court applications.
• Stress for loved ones at an already difficult time.

A small amount of planning now saves significant time, cost, and uncertainty later.

START THE YEAR WITH PEACE OF MIND

Reviewing your Will and EPAs each new year is one of the most meaningful ways to protect yourself and the people you care about. It’s quick, practical, and ensures your wishes remain clear and legally effective.

If you’d like help reviewing or updating your documents, our team is here to guide you through the process and make sure everything is in order for the year ahead.

 

Prepared by Davina Vane