Estate planning for the living!
Many of us go through life not thinking about the end.
Many often think do I need a will? Many don’t bother! We start life naked with nothing and we end up leaving an imprint on this earth that others must follow.
Telling others how you want what you have accumulated in life is important
Wills establish wishes after death and are essential for estate planning
The chances are that you may have wishes about who gets the large loot of assets and possessions. These assets you have accumulated in your lifetime. Or you may have a young family and provision needs to be made to provide for their welfare and education.
No matter what your situation is you need a plan! A plan to look after your loved ones.
Start planning now for your estate wishes.
Leaving this earth without instructions to your executor 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 the first or second marriage
- If you die with young kids who will look after them?
- How will you deal with your superannuation?
- Who gets what?
- Is their tax and capital gains tax to be addressed?
- Any favourite charities that are important to you
- Have you documented your life achievements?
- Passwords for eBay, Facebook and Instagram?
Leaving a will allows those you love can be financially rewarded or cared for. A Will that has been created well will address issues of taxation and division of property.
No will – dont leave a problem to someone else
Not leaving a Will can result in an executor being 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. You may need to apply for probate and if this is the case seek legal advice.
Many of our clients have businesses. If not dealt with a mess can be left and on some occasions, any value in the business is wittered away due to inaction after death.
Many fights start due to greed and expectations. Many of us will accumulate wealth during our 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 about why you are living.
It can pay to start dealing out assets early before death and enjoy the process. Some assets such as the property will have tax and stamp duty implications for you if sold early or transferred not under will. You can and you may enjoy giving cash away (as long as you are on no Government Benefits) and slowly depleting the estate.
If you have lent others money, make sure it’s documented so your estate can recover if necessary or even out the distribution amongst family if needed. Finally, there are those who hide money in the walls and the 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