Make 2020 the year to sort your Estate Plan
Is one of your new year resolutions to get on top of your life admin? Do you have up to date estate planning documents? Australians are generally pretty good at making sure they have adequate insurances to cover circumstances relating to health, cars and property. However according to the NSW Government a staggering 45% of Australians do not have a valid will and for many that have one, the documents are out of date and do not reflect current wishes.
Some of the common reasons you may be putting this off:
When I pass away my family will inherit what I own….
What members of your family would you like to receive your assets? Are you in a defacto relationship? Are there Children involved? All of these things will impact who gets your assets. If you don’t state your wishes, then your assets may end up in the wrong hands. This can also cause emotional and financial stress for your loved ones when they are already grieving your loss.
Its time consuming….
For the average Australian creating a will is a relatively straight forward process. Seeking expert legal advice can often make this process simplified and can get this done quickly for you. At Southern Waters we aim to simplify the documents for you so you can easily understand the contents and importance of your estate planning documents.
Its costly, why should I get a Solicitor involved?
It is a good idea to involve your solicitor whenever you want to make changes to your will or draw up a new one. Your solicitor can:
- Make sure your will is valid and that it is properly drawn up, signed and witnessed
- Make sure you have expressed your wishes in the best possible way, so nothing is left to chance
- Advise you on how to provide for your spouse or de facto partner, children and other dependents. They will also let you know about your rights and obligations to former partners and others
- Advise you on tax planning, including the best way to minimise any potential capital gains tax from the gifts you are making
- Give you a thorough understanding of the role of your executor and trustee and help you choose appropriate ones
- Advise you on the best way to arrange your estate
- Store your will in a safe place so that your beneficiaries always know where it is kept.
So, make January the time to get your life admin organised and ensure your estate planning documents are created and stored safely. We can help you tick this one off the list, so if you don’t have a current Will or would like to update your current Will (Estate Planning, Powers of Attorney etc) contact us today and we will guide you through the process.