Life changes and estate planning

Estate planning isn’t just ensuring that you have a Will. It’s about ensuring that your personal, financial and family circumstances are well documented and legally enforceable and are reviewed regularly. Just as your circumstances change, so should estate planning documentation and tools.  

While you may already have a Will in place, it may no longer reflect your current assets, structures, relationships, or intentions. If you’ve sold a business, welcomed a new grandchild, or you or a family member are going through a separation, it’s important to consider the implications for your estate planning. 

Some common and easily overlooked reasons to revisit your Will or broader estate plan include: 

Changes in asset structure or ownership 

When you restructure your financial affairs (by buying/selling a business, setting up a trust, incorporating a company, or transferring assets into super (particularly an SMSF)) you may not realise the estate planning implications. These changes often affect how assets are controlled or distributed on death, yet Wills are rarely updated to reflect them. Assets held via trusts or companies generally don’t form part of the estate and therefore are not necessarily governed by the Will, so an in-depth review of the documentation required needs to be carefully considered. Similarly, SMSFs require binding death benefit nominations to ensure superannuation passes in line with your intentions. Without a coordinated review, these changes can undermine your Will, create control issues, or lead to unintended succession outcomes. 

Family changes 

Changes in personal or family circumstances, such as marriage, divorce, new relationships, the birth of children or grandchildren, or the estrangement of a beneficiary, are among the most common triggers for reviewing an estate plan — yet they are often overlooked. Many people are unaware that marriage will revoke an existing Will (unless it was made in contemplation of that marriage), and divorce may cancel any gifts to or appointments of a former spouse. These changes can unintentionally alter how an estate is distributed or who is in control. In some cases, it may also be appropriate to restructure the Will to include protective mechanisms such as testamentary trusts for certain beneficiaries.  

Gifts or loans to family members 

Gifts or loans to children and family members are common, but often poorly documented, and the legal consequences can be significant. Without clear documentation, these advances are often assumed to be gifts, which can affect the overall distribution intended between beneficiaries. It may be appropriate to formally record the arrangement to ensure other beneficiaries are treated equally, or to provide some level of asset protection if the recipient later experiences financial difficulty or a relationship breakdown. 

Cross-border issues 

Assets located interstate or overseas may be subject to different legal or tax regimes. These require specialist planning to avoid probate delays or unexpected liabilities. 

Incapacity planning 

Estate planning isn’t just about what happens after death. It also involves preparing for the possibility that a person may lose the ability to make decisions during their lifetime. Appointing enduring powers of attorney for financial and personal matters as well as appointing a medical treatment decision maker is a critical part of this process, yet it is often overlooked or left too late. Without these documents in place, family members may need to apply to the relevant state or territory tribunal to make decisions on the person’s behalf, causing delays, stress, and potential conflict. We recommend these appointments be reviewed regularly, particularly as relationships evolve or health circumstances change, to ensure your wishes will be respected if you are ever unable to speak for yourself. 

Our Wills & Estates team collaborates with accountants, financial advisers, and other professionals to ensure estate planning is aligned with your legal, financial, and personal objectives. If  you’ve experienced or will experience a change in circumstances, or simply want to ensure your documentation supports your advisor’s recommendations, we’re here to support you. Embarking on a new beginning (change of circumstances), is an opportune time to review your estate plan. 

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