It’s probably not something you really want to think about or look forward to doing, but estate planning does play an important role in protecting the wealth you’ve worked hard to build and ensuring that it is distributed according to your wishes.
Getting your legal and financial affairs in order may be relatively simple or it may involve some more specialised planning. Either way, it can be a little easier if you understand more about the various aspects you might need to think about.
Estate planning involves much more than just having an up to date Will, although that’s one important aspect. As part of your estate plan, here are some questions you should consider.
It’s important that any paperwork or records of your estate planning activities are kept in a safe place and that the executor of your Will or a trusted family member or friend knows where to find this information if something happens to you.
Currently around half of all Australians die without a will, leaving their families with a complicated legal process. So if you want your wishes to be carried out, consider these things. (Source: Colonial First State)
If you have ageing parents, they may become increasingly dependent on you for assistance with financial decisions. Here are some things to think about if you're considering aged care. (Source: CommBank)