08 March 2025, 12:16 AM
As 2025 unfolds, it’s the perfect time to review your will and important estate documents - an often overlooked but necessary task to ensure your wishes are carried out smoothly when the time comes. While discussing matters of death and inheritance may feel uncomfortable, the consequences of neglecting your estate planning can be far worse, both emotionally and financially.
“Discussing your will and estate plans can be a morbid task, however it is a necessity for a swift and efficient resolution of your estate assets when you die,” Kate Rafton, Managing Director at Rafton Family Lawyers said.
As local legal professionals in the Hawkesbury, Rafton Family Lawyers we have seen firsthand the heartache and financial burden caused by outdated or non-existent wills. Families have faced thousands of dollars in legal fees - money that could have been preserved and invested in the well-being of loved ones.
So why should you update your will and estate documents? Here are a few key reasons:
Life Changes: If your personal circumstances change—such as remarrying or entering a new relationship—your will may no longer be valid, even if the terms remain the same. A quick update ensures it reflects your current life situation.
Property Settlements: If you've undergone a property settlement with an ex-spouse but have not yet finalized your divorce, an ex-partner could still claim a stake in your estate if you pass away without a current will. It's crucial to update your documents after such events to avoid complications.
Age Milestones: When your children or dependents turn 18, it’s a good time to reassess who should act as the executor of your will. As they grow, you may want to consider updating these roles to reflect your family's changing dynamics.
Special Needs Considerations: If you have adult children with special needs, it’s essential to plan for their long-term care and support. Estate planning can ensure their future housing, healthcare, and financial needs are met.
Windfalls and Investments: Coming into a large sum of money—whether through an inheritance, business success, or a financial windfall—calls for tailored estate planning. A thorough update to your will can protect these funds for future generations.
“We recommend reviewing your will every 4-5 years, especially if any significant changes have occurred in your life,” Rafton said. “We’re here to help you navigate these important matters. Our team, with offices across Western Sydney and a local office in Richmond, offers a supportive approach to estate planning. We encourage you to reach out to us for a consultation and ensure your estate plan is up to date.”
Kate Rafton, Managing Director of Rafton Family Lawyers, leads a team of expert wills and estates lawyers ready to assist you. For inquiries, call us at 02 8607 7184 or email [email protected]. We're here to help you protect your legacy.
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