When should I start estate planning?
The answer is right now.
Often we see people leave it until they:
Experience the loss of a loved one who didn’t have a will, and this prompts them to put their own plan in place
Are going on an overseas trip (international travel may be allowed again soon)
Are scheduled for surgery
Are admitted to hospital
Are diagnosed with a life-changing illness which may result in a steady decline of their cognitive abilities
Are diagnosed with a terminal illness
Whilst an estate plan can be amended at any time (provided you are mentally capable), it’s better for you to put the plan in place when you are not under significant stress or pressure. This will allow you time to properly consider your plan and not rush to put it in place before you go for surgery or whilst you are undergoing treatment.
A proper estate plan does take time and consideration, and some people like to discuss certain aspects with their family, accountant, financial planner, or other advisers. We suggest people give themselves ample time to properly prepare their estate plan and not leave it until the last minute.
Timing is also important when considering enduring documents. You may have heard of an enduring power of attorney or enduring power of guardianship and think that is for someone older, maybe an elderly relative. However, these documents can be useful for young adults in circumstances where they have an accident and suffer temporary memory loss.
We do unfortunately see cases of early-onset dementia in people in their 30s and 40s. The enduring power of attorney can also assist couples where one partner works away as it can allow the partner who is at home to deal with matters on their behalf.
If you leave it too late to prepare enduring documents, then someone will need to apply to the State Administrative Tribunal in the city to appoint a guardian and administrator. This can take time as there can be a waiting period of one to two months for a hearing. Often relatives find this process stressful, especially if there is conflict in the family or if there is some urgent matter to be dealt with on behalf of the person who has lost capacity (e.g. finalising the sale of their property).
Start thinking about your estate planning now and discuss it with your significant other. What would it currently look like if you were to pass away suddenly? Is there a more ideal situation that you can plan for? And when you’re ready, estate lawyers can take care of everything.
Do not wait to contact a wills and estates law firm.