Estate planning for the living!
Many of us go through life not thinking about the end. Many of often think do I need a will? Many dont bother! We start life naked with nothing and we end leaving an imprint on this earth that others must follow.
None of us know when the end is . Thats a good thing I guess. We are told the average expectancy of life and yes if we dont get run over, drown, shot at or get a medical disease we should live to a ripe old age.
The chances are that you have personal wishes of who gets the large loot of assets and possessions that you have accumulated in your life time. Or you may have a young family and provison needs to be made to provide for their welfare and education.
Start planning now.
Leaving this earth without instructions to your exectutor can mean that you will leave headaches for others . Do I need a will ? YES Take time as to what instructions you would leave for things such as :
- Your business – what is your desire and are others capable of taking it over?
- Your car
- Your children and wife from first or second marriage
- If you die with young kids who will look after them?
- How will you deal with your superannation?
- Who gets what ?
- Is their tax and capital gains tax to be addressed?
- Any favorite charities that are important to you
- Have you documented your life achievements?
- Passwords for ebay, facebook and instragram?
Leaving a will, means those that you love can be fiancially rewarded or cared for. A will that has been created well will adress issues of taxation and divsion of property.
Not leaving a Will can result in an excutor appointed that must follow the standard formula for those without a will. When a person dies without leaving a valid will, their property etc must be distributed according to certain rules called the rules of intestacy. A person who dies without leaving a will is classified as an intestate person.
Many fights start due to greed and expectations. Many of us will accumulate wealth during their lifetime but it is your wish as to how it will be distributed. We encourage clients to tell others so it should not be something of a complete surprise. Eliminate those self focused beneficiaries who think that they have a sense of entitlement by controlling the conversation why you are living.
It can pay to start dealing out assets early and enjoy the process. Some assets such as property will have tax and stamp duty implications for you if sold early or transfered not under will. You can and you may enjoy giving cash away(as long as you are on no Government Benefits) and slowing depelete the estate.
If you have lent others money make sure its documented so your estate can recover if necessary or even out the dsitribution amongst family if needed . Finally there are those who hide money in the walls and garden. Make sure you let someone know what to look for.
Make a confidential appointment if you wish to explore some of our discussion points . Best wishes Geoff