Your estate is made up of everything you own. This includes your home, property, furniture, car, personal possessions, business, investments and bank accounts. Firstly, having a legally valid Will is extremely important, as dying without one it is called 'dying intestate'. This can be costly and create added stress for loved ones at an already difficult time.
You may think that having a current Will outlines what will happen to your estate should you die or become unable to manage your affairs. Unfortunately, for those with more complex financial structures this may not be the case.
To make sure your affairs are in order an Estate Plan will:
- Provide for and protect loved ones with specific needs, including children.
- Ensure your children’s inheritance receives increased protection if a relationship breaks down.
- Ensure you receive professional advice on how to structure your assets to gain available tax advantages.
- Ensure your wishes are recorded in legally binding documents including your Will, free from ambiguity.
- Provide you with peace of mind knowing, should you die or be unable to legally manage your affairs, that they will be managed by someone you trust.
- Ensure non-estate assets such as jointly held assets, family trusts, super fund accounts and private companies are also documented as it may not be possible to deal with them in your Will.
Let Portfolio Professionals guide you through this difficult, but crucial process.