Better to be 20 Years Too Early than 20 Minutes Too Late? Why Your 50s Are the Right Time to Review Your Will and Enduring Power of Attorney

If you’re in your 50s, there’s a good chance you’ve spent years building a life you’re proud of. You may have paid off a good portion of your mortgage, built up your super, invested in property or shares, grown a business or helped your children get established.

You’ve probably got plenty to think about when it comes to your finances and retirement.

But when was the last time you looked at your Will?

And have you considered what would happen if you died unexpectedly or suddenly couldn’t make important decisions for yourself?

These aren’t always easy subjects to raise, but they’re important ones. Our view is simple: it’s better to prepare these things 20 years too early than 20 minutes too late.

1. Your Will: Does It Still Reflect Your Life Today?

Many people make a Will when they buy their first home, have children or reach a particular milestone. They put it away somewhere safe and assume the job is done.

The trouble is, life rarely stands still.

By your 50s, your circumstances may look very different from when you first signed your Will. Your children might now be adults, you may have grandchildren, your property portfolio may have grown, or you might have started or sold a business. Perhaps you’ve remarried, separated or lost someone who was originally named as an executor or beneficiary.

Your Will needs to keep up with those changes.

An outdated Will can create confusion for the people left to administer your estate. It might name someone who is no longer appropriate to manage your affairs, overlook people you’d now like to provide for, or fail to reflect how your assets have changed.

If you die without a valid Will in Queensland, your estate is distributed according to the rules set out in the Succession Act 1981 (Qld). That may produce an outcome quite different from what you would have chosen.

It’s also worth remembering that superannuation doesn’t automatically form part of your estate. Your super fund’s beneficiary nominations should be reviewed alongside your Will to help ensure your intentions are properly reflected.

A good starting point is to review your Will every few years, and whenever there’s a significant change in your family, relationships or financial circumstances. A solicitor can help determine whether your existing Will remains suitable or needs replacing.

2. An Enduring Power of Attorney: Who Would Make Decisions for You?

Most of us assume we’ll always be able to manage our own finances, make our own decisions and look after our day-to-day affairs.

Unfortunately, an accident, illness or unexpected health event can change that.

An Enduring Power of Attorney (EPOA) is a legal document that allows you to appoint someone you trust to make certain decisions on your behalf if you’re unable to make them yourself.

Depending on how it’s prepared, an EPOA can cover:

• Financial matters: Paying bills, managing bank accounts, handling investments, dealing with property and managing business affairs.
• Personal and health matters: Decisions about your care, living arrangements, support services and healthcare when you no longer have capacity to make those decisions.

You choose who you appoint and can specify the decisions they are authorised to make. For financial matters, you can also specify when their authority begins. For personal and health matters, an attorney can only make decisions when you lack capacity for those decisions.

Why is this important?

Without an EPOA, your partner or children don’t automatically have authority to manage all your financial or personal affairs simply because they’re your closest family members. If you lose decision-making capacity, an application to the Queensland Civil and Administrative Tribunal (QCAT) may be needed to appoint someone to act for you.

That can mean additional paperwork, delays and uncertainty at a time when your family already has enough to deal with.

Preparing an EPOA while you’re well and able to make your own decisions means you can choose the people you trust, discuss your wishes with them and put appropriate arrangements in place.

A solicitor can explain your options and prepare the document correctly.

A Little Preparation Can Make a Big Difference

Your 50s are an ideal time to get these matters in order. You’re likely to have a clearer picture of your assets, your family circumstances and the people you want involved in your future.

You don’t need to wait until retirement, a health scare or a major life event to start planning.

Think of it as another part of looking after your family and protecting the future you’ve worked hard to build.

At Accountplan, we’ve been helping individuals, families and businesses across the Redcliffe Peninsula for more than 35 years. We understand that good financial planning involves looking at the bigger picture, including how your wealth, superannuation and future plans fit together.

If your Will hasn’t been reviewed in years, or you haven’t considered an Enduring Power of Attorney, now is a good time to start the conversation.

Remember, it’s better to prepare these things 20 years too early than 20 minutes too late.

Contact the Accountplan team on (07) 3883 8999 or visit accountplan.com.au to arrange a conversation about your broader financial planning needs. For preparing or updating your Will and Enduring Power of Attorney, speak with a qualified solicitor.