I’ve been saying “That’s a January problem” for most of December and now it’s time to sort out all those little annoying loose ends before they become much bigger problems. I don’t know about you, but I always feel extra motivated to get things done at this time of year.

Here is a simple checklist of legal things to consider getting sorted this month while you are refreshed from the holidays:

• Get a will in place – I cannot stress enough how important checking this one off the list is going to be for your loved ones later. Make sure if you have done a will, that the executors know where to find it!
• Have you appointed an Enduring Power of Attorney and Enduring Guardian? – Family members often have to go through the process of applying to a Tribunal to get formal orders in place to provide assistance when they are also going through the stress of watching a loved one’s health deteriorate.
• Make a list of your assets and regular bills for your attorney/executor – Think phone company, electricity company, internet provider, insurance policies, who you bank with, and your super fund details for example. A simple list that you update every 12 months can save an attorney a lot of time in locating and paying bills, and it will also assist an executor to locate all of your assets and close accounts later.
• Check your Binding Death Benefit Nomination with your super fund is up to date – Some people don’t realise that the BDBN could lapse every 2-3 years leaving the decision about who gets your super to the Trustee of the fund.
• If you have paid off your mortgage, has the bank lodged a Discharge of Mortgage? – The mortgage may still be registered on your Certificate of Title even though the loan has been repaid.
• If your partner has passed away, have you finalised the estate administration? – Sometimes people don’t lodge the necessary paperwork to remove a deceased person’s name from joint bank accounts or jointly held real estate and this can create problems for the second person’s executor later.
• Are all your identification documents in the correct name? – Sounds obvious, but I know I am guilty of this myself. If you get married/divorced and change your name, be consistent with the names you use on all your identification documents.

These things might sound basic but in the last 12 months, I haven’t dealt with an estate matter without at least one of these issues arising during the administration. Assisting families dealing with an estate after a loved one has passed away is difficult enough without having to tell them it is going to take extra time and costs to resolve because some simple paperwork wasn’t completed earlier.  Make ticking some of these things off your checklist your new years resolution.

KC Hilton, WNB Legal