Here are 6 reasons why we believe starting estate planning today can make the process less painful and provide you with assurance.
1. Big picture thinking
Many of us are so busy with day-to-day life that we can lose sight of the big picture. Starting estate planning allows you to take step back, envision the future you want and the legacy you want to leave.
2. Preventing family conflicts
Leaving it too late could mean you die without a plan in place. We simply cannot anticipate what is around the corner. Without a plan, there may be disputes between family members as to who should administer your estate, and your assets may end up with family members you did not intend to benefit.
3. Protecting minor children
If you have your children, it is important to appoint guardians and plan to ensure their finances and their day-to-day care is in good hands.
4. Easier to amend
Once you have begun the process, your estate plan should be reviewed every 3 years, or earlier if significant changes occur. Once you have the documents in place, making amendments is a faster and more cost-effective exercise.
5. Avoid “death bed” Wills
When you have little time left on this planet, you do not want to be spending that precious time with your lawyer (even if we are good company!). Taking the time to get your Will, Enduring Power of Attorney and Advance Care Directive in order well before they are needed and reviewing them every few years means they will be ready so that you can spend your final days with the people who matter most.
6. Peace of mind
The earlier you start, the less scary the process will be. Having documents in place and knowing that you’re done everything you can to ensure your loved ones are clear on your wishes and have a path forward, is a great feeling. Take the time now to start your estate planning and your future self will thank you.
Updating your Will?
As we mentioned, it is a good idea to review your Will at least every 3 years or when significant life events occur. When we say significant life events, we’re referring to things like the arrival of children, marriage, divorce, separation, moving country, the death of close relatives; in fact, anything that has the potential to impact your assets or your wish for their distribution. Can we help? Call our Wills & Estates experts on 8366 7900.