Estate Planning allows you to nominate what is to come of your possessions once you are gone. This is not to say it is simply about who inherits the China tea set or who claims your DVD collection. It is to protect your family and loved ones, to alleviate them from the burdens and stresses of managing your Estate and any debts associated in an already emotionally taxing situation.
You might be young, healthy, childless and in a steady relationship. Or perhaps, you are single, debt-free and fitter than Usain Bolt. Why, you may be thinking, would you need a Will? A Will is a legal document that only comes into effect after you are gone. Virtually everyone postpones writing their Will. It could be that it is too much work or it could be that it makes the concept of death too tangible to deal with. Your Will is something you might not expect to require for many years to come. However, the reality that many people are unaware of, is that if you do not have a Will in place, when you die, your Estate will be distributed by the government using their own set formula. If you think ahead and are prepared for the worst case scenario, it is up to you how your Estate is split between family, friends and charities and who is to step in as a guardian for your children (should you have any). Even after you are gone, this legal and binding document appoints a suitable executor and divides your assets just as you have outlined.
There are many points to consider when preparing a Will; Your Will must be clear and current. It must appoint an executor who will look after your Estate. In this role, your chosen executor must collect all of your assets and pay any debts that you have owing, as well as distribute your Estate as instructed by you. Consider; Is your family situation complex? Are you planning to leave a gift for your community or a charity of your choice? Is it possible that tax may diminish the value of your Estate? Do you have an enduring power of Attorney? These are all extremely important points to address and will assist in your absence to ensure your affairs are in order.
As well as this, it is crucial to review your insurances on a regular basis, both personal and business. In doing so, you will be able to confirm that you have the best insurances possible. You don’t want to miss out because you have ‘assumed’ certain scenarios are covered, nor do you want to be paying premiums for situations not applicable to you.
Be prepared for the inevitable and give your family and loved ones the peace of mind. We have plenty of experience in this area. Talk to us today about how we can make this easy for you.