Death never comes along at the right time and it is for this reason it is so important to have a plan for what happens when you are either no longer alive or even worse when you can no longer act on your own behalf.
It is vital to leave your family with the knowledge that in the event of something bad happening that everything will be okay.
With more and more marriage breakdowns and blended families we are seeing the wrong people ending up with the wrong assets all at the wrong time.
Children missing out on their rightful inheritance all because their parents were too lazy to sort out their estate planning. It is not that hard.
There are several parts to estate planning and the first step is the know what your real circumstance is should you die or become incapable of dealing with your own financial or personal situation.
Ie, what do you own and what will automatically pass to your spouse or children.
Questions to ask yourself:-
- Does my super automatically go to my spouse?
- Will my children receive my assets tax free?
- What happens if I can’t sign documents and become incapacitated?
- Who do I trust to manage my affairs?
There are several important documents that can sort all of these issues out for you but we strongly recommend you speak to your Estate Planning Adviser at Seagrims to help point you in the right direction.
Written by AM Seagrim