What would happen, IF...?
Ensure that your intentions and family needs are met in the event of your death.
Far too many individuals do not adequately plan their estates often resulting in family squabbles and funds not ending up where they were originally intended. Expert advice is vital in this area of financial planning. This can be avoided by the establishment of a valid will and a series of additional legal structures.
Who should have a will? In short, everyone! The most common cause of a will not being established is that it's put in the "too hard basket" and it's something that a lot of people just don't get around to. The result is that an individual dies intestate and the estate is effectively then distributed by the State Government. Satisfactory? Most people would not want the government meddling in their affairs so the answer is a resounding NO!
A common misconception is that a solicitor can construct an adequate will. True, the legal profession can provide the mechanism to construct a valid will but often operate under instruction so if your instruction neglects important parts of your estate planning the end result can be inadequate. Expert estate planning is crucial to make sure those intended receive their share and those not intended do not.
For example, many couples who separate but do not divorce do not realize that their estranged spouse could still be entitled to their share of the estate if a new will is not established. Most are horrified when this is pointed out, many having established new relationships.
Appointments that may need to be considered in conjunction with establishing a valid will.
- Enduring Power of Attorney
- Testamentary Trusts
- Superannuation beneficiaries
To view an outline of each of the above types of Estate Appointments - Click Here.
Tips for making an effective Will
Power of Attorney Explained
In summary, there are many aspects of estate planning that require attention and specialist advice should be sought from an estate planning expert. At Financial & Investor Management we can provide a generic outline of areas to consider but recommend that specialist advice be investigated to ensure your wishes are clear and implemented accordingly when the time comes.