Estate planning is not merely about money. It involves securing your family’s future, protecting them from legal battles, and providing for the well-being of your loved ones. However, you cannot do it alone.
If you have not done it yet, make plans to do so already. It is better to do it early so you can adjust your estate to your changing needs as time passes.
Here are some questions you may want to answer when estate planning.
Is Your Will Updated?
If you are of legal age (eighteen years old) and possess any assets, you must create a will. It is affordable to create one, and it can make all the difference in how your estate is managed and distributed after your passing. If you do not have a will, the state will intervene and decide how to distribute your assets among your kin.
This unforeseen situation usually leads to numerous legal challenges from disgruntled or estranged family members or other interested parties. You must have a will to avoid this. If you consider estate planning, you must be sure your will is updated.
Which Enduring Powers Do You Have?
You need to have two types of enduring powers when you do estate planning: Enduring Power of Attorney (EPA) and Enduring Power of Guardianship (EPG). When creating your will, you can also arrange for an EPA. If you are incapacitated, you can hire an EPA to manage your financial and property affairs on your behalf.
On the other hand, you can make your EPG a family member, relative, friend, or any person close to you. They can make personal, lifestyle, and medical decisions for you if you cannot make decisions on your own. Choose a guardian you trust entirely and who understands your wishes and can fulfil them.
Who Have You Designated So Far?
If you pass away tomorrow, what would happen to your dependents? Have you made any plans for them, such as assigning guardians to take care of them or allocating funds for their education and future? That is why it is important to designate legal guardians for them.
Meanwhile, if you have insurance policies, super accounts, and other investment accounts, you need to designate beneficiaries to receive funds after your passing. If you have not done this, you can assign the help of a family financial advisor to help you with this matter.
Have You Consulted with Experts?
Before proceeding with estate planning, you need to enlist the services of experts first. After all, this is an important matter. You need to confide with experts to make sure you are making the right decisions.
For example, a family financial advisor can give you superannuation advice. You can also hire a wealth management advisor to help you plan your retirement investment. Whatever the case, you need these qualified individuals to assess the matter at hand before you make decisions.
Do You Trust Your Executor?
If you want your estate managed well after your passing, you need a trustworthy executor. You require someone who can understand and fulfil your wishes. After all, the distribution of your estate is a serious matter.
They must know the technicalities surrounding estate planning and be familiar with the law. Also, they must carry out the extensive duties of the job, such as collecting assets, paying debts, distributing benefits to the heirs, and more.
Conclusion
As mentioned earlier, estate planning is a serious undertaking dealing with your family’s future. If you are determined to ensure your kin will be provided for after passing on, make sure you pick the best executor.
Also, remember to enlist professional help. It would be best if you made this a priority now to relax and enjoy your life to the fullest.
Are you looking for advice regarding estate planning? New Wave Financial Planning offers estate planning on the Gold Coast. Our experts can tell you more about the ins and outs of estate planning and help you make better decisions.
Let our expert financial planners help you! Contact us today.
