By guest author Chloé Kopilovic
When you die, you die. Nothing can be done from the grave that you haven’t planned for already.
I’ve had many clients come in during their twilight years to make their first will. As surprising as this may seem, it’s actually quite common. The following are the reasons I hear most often about clients not having considered their estate planning sooner:
Life can be incredibly busy at times and that makes it even more important to attend to your estate planning. Ultimately, the beneficiaries of your estate plan are your loved ones. Neglecting your estate plan will not affect you, it will affect them.
Estate planning for many people, especially those with blended families, can be challenging, as there may be different needs and wishes at play. However – don’t overthink it. Once you have determined what you would like your estate plan to be, even if it is different to your partner, you’re halfway there. Write your wishes down and seek advice on anything you’re unsure on to see what your options are.
Never assume that you know how your loved ones will react to your passing. I have seen many estates of a nominal value being disputed by family members over principle.
Also, I see many people that do not factor their superannuation death benefits into their estate plan. If you don’t have a Binding Death Benefit Nomination in place, your superannuation could still be paid to your estate, increasing its value significantly.
Whilst a will does not prevent family members disputing the distribution of an estate, it will ensure your wishes are clearly recorded.
Life is unpredictable, and unfortunately, accidents happen. The kindest thing you can do for your loved ones is be prepared. The benefit of addressing your estate plan early on, is the well-rounded advice you can receive on budgeting, wealth protection and taxation.
Think of your estate plan as an insurance policy – once it’s in place, it’s there for when you need it.
Written by Chloé Kopilovic, Lawyer at Ferguson Cannon Lawyers.
Reproduced with permission of Chloé Kopilovic. This article was originally published at www.australianestatelawtoday.com.au
Important note: This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.
Any information provided by the author detailed above is separate and external to our business and our Licensee, AMP Financial Planning Pty Limited. Neither our business, nor AMP Financial Planning Pty Limited take any responsibility for their action or any service they provide.