What is estate planning and who should get it?
The term ‘estate’ refers to your collective assets. This includes your vehicles, properties, personal possessions, home contents, savings accounts, investment accounts and insurance policies. Estate planning is therefore, the process of planning how your estate is divided and controlled after your death, with the goal of taking care of those in your life you care about the most.
A key step in estate planning is creating a legally binding will. Wills are official documents that outline your estate plan and ensure that your assets are divided according to your wishes. Even if you don’t believe your estate is worth much, you need to create a will. If you pass away without a will (or with a will that is not legally valid) the Australian Government will decide how your estate is divided.
What are the benefits of estate planning?
Estate planning will give you the peace of mind knowing your family and loved ones are financially secure in the event of your death.
By taking the time to conduct estate planning you can:
- Save your friends and family undue stress and uncertainty
- Ensure your estate is distributed to those you love the most
- Ensure personal possessions and savings are left to certain people/parties
- Appoint trusted legal guardians for children who are still minors
- Organise life insurance payments to your family in the event of injury, illness, or death
- Reduce the costs of legal fees for your family
- Bequest sums of money to charities and non-for-profit organisations
- Provide instructions for friends or family you consider to be irresponsible with finances
Need help with your estate planning?
Your estate is an accumulation of everything you own, no matter how large or small, so it’s essential that you create a plan to control your estate after you pass away. If you are concerned about the distribution of your estate and execution in the event of severe illness, injury or death, contact Guardian Group today.
We can organise a consultation and one of our experienced Financial Advisers who will help you devise an estate plan to enact your wishes and protect your loved ones. For estate planning advice, contact us today.