Estate Planning allows you to retain control of your assets and enables you to determine who will make decisions on your behalf should you not have the capacity in the future. Essentially, it involves preparing for the disposal of your estate in the event of death.
The benefits of planning your estate are endless, however there are numerous misconceptions surrounding estate planning; the most common outlined below:
Estate Planning is the same as writing a Will
Whilst estate planning involves preparing a Will, it encompasses much more than one document. Some of the steps you should consider include:
• Preparation of a document that clearly outlines your financial circumstances should you die taking into considering who will receive your life insurance and superannuation benefits
• Outlining the rights and responsibilities of administering the estate
• The preparation of an up-to-date Will
• Preparation of an Enduring Power of Attorney
• Appointment of an Enduring Guardian.
• Planning an Advance Care Directive
I am too young to consider estate planning
Young people generally believe they will not need to consider estate planning until they are older and closer to death. As we know, life is unpredictable and untimely deaths can be the source of much conflict within families if the individual who has passed away has not expressed their wishes regarding their estate.
This outcome can be avoided by implementing estate planning at an early stage, whilst also giving your family peace of mind for years to come.
Estate planning is too complicated
When you start to plan your estate, it’s easy to see how large and complex the situation can be. Making decisions on an important level isn’t easy, which is why some tend to forget to include certain assets, items and people. With help of a qualified professional the burden of estate planning is lifted as everything related is explained in detail to ensure all your assets have been covered.
My estate is too small to consider estate planning
Regardless of the size of an estate, it’s important to ensure that you have nominated a beneficiary to receive your superannuation benefits when you die. This money will have remained virtually untouched so it’s easy to forget how important it is to include it within your estate planning.
The Quinn Group is able to assist you in all parts of estate planning including preparing Wills, estates or probate matters. Our experienced team of lawyers can help you plan your estate in order to give you peace of mind and reduce future stress for loved ones. Contact us here or call us on 02 9223 9166 for more information or to book an appointment.