Thinking about what happens after we pass away is not something we generally spend a lot of time doing – and rightly so.
For life is about enjoying the time we have, with the ones we love.
However, the important truth is that we all pass away, sometimes sooner than expected, and in order to make things easier for our loved ones, we need to consider Estate Planning. Appropriate Estate Planning looks at your life and affairs and aims to deliver peaceful resolve to those who are important to you, after you pass away.
Are you thinking about your Estate as part of your Financial Plan?
There are too many examples of families torn apart by ineffective or non-existent estate planning. Bitter disputes over money, family heirlooms and even children can ensue without properly addressing these issues. To make matters worse, disputes can take many months, if not years to resolve. Dragged through the courts and in the public eye, estate disputes can be expensive and painful.
Things to Consider
When considering your estate, there are a number of common issues to consider.
- Who would you like to receive your assets?
- What happens if you and your partner pass at the same time?
- Who will look after your children if you both die?
- How will your children’s guardians pay for childhood expenses?
- How would you like your remains to be treated?
- What happens if you are in a coma or unable to make a decision yourself?
When considering your estate planning we look at a number of mechanisms to ensure your family can continue to enjoy the life they are accustomed to should you pass away. We look at your superannuation and other assets, to maximise the chance of your assets passing to your preferred beneficiary. We also assist in helping your lawyer identify the areas of estate planning advice.
Who to talk to?
In order to prevent your passing from being unnecessarily painful, it is beneficial to seek advice from a qualified estate lawyer. These professionals can provide advice on appropriate structures and tools to ensure your final wishes are met and adhered to – leaving your family in the best possible position following your passing.
However, because an estate can be a complicated matter, we at Ark Financial Planning work in conjunction with your lawyer, so that they have an appropriate understanding of your financial situation. Because we work so closely with our clients, and because we believe in the importance of estate planning, we assist our clients with establishing and maintaining their Wills, Powers of Attorney, Trusts and other tools in conjunction with your chosen lawyer.