How quickly things can change when we are busy living our lives! Hence it has prompted me to elaborate on some important changes of a little more significance regarding same sex marriage. If couple have now been married or planning their marriage, then they also need to plan to update their wills to ensure they reflect the change in their circumstances.
Keeping in mind that each state and Territory has its own set of rules, when two people get married, marriage is likely to void any existing Wills that may have been prepared in the past unless those Wills were prepared in contemplation of the impending marriage. In addition where there is a Binding Death Benefits Nomination in place with a superannuation fund, marriage may in fact invalidate the nomination and change it from binding on the trustees of the superfund to non-binding. This is determined by the deed of the relevant superfund.If you have life insurance separate from your superannuation, then this will also need to be reviewed.
Finally Powers of Attorney – quite simply we all just need to be getting these right as they are incredibly powerful documents! You need the right person/people, who are both able and willing to take on the responsibility being asked of them. It is important to consider that the people you have selected prior to marriage may be completely inappropriate after marriage!
We can assist you with all your estate planning, ensuring it is prepared in a tax effective way that will benefit you and your beneficiaries.
Steve Wildes, Partner, Paris Financial