Estate planning is the process of ensuring your assets are distributed to your loved ones according to your wishes. It also includes planning to ensure if you are unable to speak for yourself through death, disability or mental incapacitation, you are still taken care of by one or more people that you trust. This always involves having legal authority to act on your behalf. Estate planning also involves structuring of your assets within certain legal structures to maintain them to help with passing on the assets with little disruption, tax payment and to protect the assets from contestation within the court. This is particularly important for
Below we will discuss a few of the major examples of why Estate Planning is not only important, but also imperative to every person’s life.
When a person passes away, most assets are distributed to beneficiaries via a Will that stipulates who and how they would like assets to be passed on to their important people.
A Will is certainly one of the most important areas in estate planning, but it is certainly not the only area as a Will is not all encompassing. In fact, Superannuation and Insurance are 2 common examples that are not covered by a will and have a different process for securing your assets. Without direction, these assets may not go to your intended recipients.
Planning for the future means your assets can be swiftly passed on to their intended beneficiaries, and in the most tax effective way possible. Structuring from the start can be vital to protect your assets from being challenged or lost whilst helping to minimise tax.
Attorney is the legal authority that is given to an individual/s if you are unable to make your own decisions.
Any child over the age of 18 should be considered, as once they are an adult, it may not be a parents right to authorise emergency medical treatment without a Power of Attorney arrangement in place. This can mean that a court must appoint one and this can take time, time that in the case of an emergency, this can be critical.
A comprehensive plan can very easily be put together for you that ensures your assets smoothly and efficiently move to your beneficiaries. This can be achieved at a fraction of the cost it usually costs without these plans in place , so take action today and see how easy it is to know your family are protected.