Some legal documents are easy to prepare, sign, store away and forget about.
But as life changes, those documents may no longer reflect your current circumstances or wishes. A will prepared 10 or 15 years ago may still exist, but it may not be the best fit for your family, assets, or intentions now. The same can apply to enduring powers of attorney, old deeds,trust documents, and other records.
Taking the time to review your documents can help avoid uncertainty later - and can make things much easier for the people who may need to act on your behalf.
Your will sets out what you want to happen to your estate after you die.
It is worth reviewing your will regularly, and especially after significant life changes. This might include a new relationship,marriage, separation, divorce, children, grandchildren, changes to property ownership, business or farming changes, the death of someone named in your will, or a change in who you want to act as executor.
In New Zealand, some relationship changes can affect a will in different ways. For example, marriage or entering a civil union can affect an existing will, while separation does not necessarily change what your will says. That is why it is important to get advice rather than assume your will still works as intended.
Even if your wishes have not changed, a review can confirm that your will is clear, current and aligned with your wider affairs. Sometimes only small updates are needed; other times, a more detailed review may be helpful depending on your assets or family circumstances.
An enduring power of attorney, often called an EPA or EPOA, is a legal document that gives someone you trust the authority to make decisions for you if you are unable to make those decisions yourself.
There are two main types of EPA:
Your will only applies after you die. EPAs are different because they can help while you are still alive, if illness, injury, or incapacity means you cannot manage your own affairs or make decisions.
Reviewing your EPAs can help ensure the right people are appointed, that your instructions are still appropriate, and that the documents reflect your current circumstances.
Many people also have older documents that were prepared years ago and have not been looked at since.
These might include:
These documents can be important when it comes to estate planning, estate administration, relationship property, trusts, property transfers, or future decision-making.
If older documents are unclear, incomplete, difficult to find, or no longer reflect how things are actually arranged, they can create confusion later. Reviewing them alongside your will and EPAs can help identify whether anything needs to be updated, clarified, or safely retained.
It is also useful to know where your important documents are kept.
Your executor or attorney may need to access them in the future. If documents are difficult to locate, outdated, or held in different places, this can create unnecessary delay and stress.
A review is a good opportunity to check:
Reviewing your legal documents does not always mean making changes. Sometimes it simply confirms that everything is still current and appropriate.
Other times, a review can identify gaps or outdated details that are better dealt with now rather than leaving them for your family, executor, or attorney to work through later.
Treadwell Gordon’s experienced wills and estates team can help you review your will, enduring powers of attorney, and older documents, and advise whether anything needs to be updated.
If it has been several years since you last reviewed your documents, or if your circumstances have changed, now is a good time to check that everything is still doing what you need it to do.
Contact us to speak with one of our experienced wills and estates team.
