Your personal assets and your Will are probably the last things you want to think about. However, having a plan in place regarding your estate plan after you are gone is important.
Planning ahead not only ensures that your wishes will be carried out, but it gives your loved ones some peace of mind about how you wanted your assets used and distributed.
We’ve explained estate planning, personal assets and Wills in more detail below.
An estate plan is essentially a set of documents that come into effect during your lifetime and outline the transfer of your personal assets in a logical and legal manner after your death.
The documents will also consider who has the power to make decisions during your life should you not be able to make them yourself, such as for your health or finance.
Most people will draft a Will in their lifetime, but estate planning is just as important and goes hand-in-hand with a Will.
One of the benefits of estate planning is ensuring your wishes are known by formalising them in writing. This is helpful if you are unable to speak for yourself for whatever reason.
Another benefit of estate planning is minimising arguments. Sadly, often when there are no official guidelines set in writing, disputes among loved ones can arise. Having a legal document in place helps to remove the need for loved ones to divide assets amongst themselves or make difficult decisions on your behalf.
A good estate plan can also help minimise any tax your heirs need to pay.
An estate planning is comprised of a:
General Advice Disclaimer:
This information has been provided as general advice. We have not considered your financial circumstances, needs or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication.
Contact our team for more information on personal assets and Wills, and additional estate planning inquiries.