Why it’s never too early to start planning your estate
It can never be too early to start planning your estate. Disputes over a loved one’s estate can add even more pain and grief to the trauma of losing someone close – especially if it was unexpected. This stresses the importance of careful estate planning well in advance so you and your family will have peace of mind should the unexpected happen.
Estate planning involves splitting up assets amongst beneficiaries. Even if you don’t have a large estate or don’t think you will have any money left after paying for your own retirement needs, it is still important to discuss what you would like to pass down to the next generation. You should also make sure somebody knows where to find key documents such as the will, power of attorney documents and the Trust deed to your assets. We always recommend safe storage of your documents, with a copy kept with your executors and one at your home.
Another important part of estate planning is to name an executor of your will, as well as financial and medical power of attorney, who can make decisions on your behalf should you no longer be able to act for yourself. Although this can be a sensitive topic to talk about with your family, it is important that your children know about your plans. This can help them to understand the kind of legacy you want to leave behind and can help make sure everything is left to the right person.
Even though it may seem a long time away, it is important to make sure you have the correct plans in place to reduce the burden on your loved ones. Talk to one of our advisers today to see how we can help with your estate planning. Whether it’s writing a will or minimising the amount of tax your loved ones will pay.