Don’t Leave a Mess Behind – Please!
I am regularly seeing cases of people that have passed away either without a Will, or a Will so old it no longer reflected the deceased wishes.
Do you realise that if you die without a Will or die “intestate” as it is known, it triggers a standard formula for the distribution of the estate that may be nothing like what the deceased intended. If have a Will but it is poorly drafted it may lead to a court challenge that ties up the estate for years.
Can I make a personal plea for you to spend some time to review your estate planning. Think about the amount of stress and conflict you may be leaving behind for your beneficiaries without planning for the inevitable. You may not know where to start, so have look at the check list below:
– Read your Will. Ask yourself who is my Executor? What happens if my Executor dies? Have my circumstances changed since it was written? If you are separated or divorced, do you need a new Will? Do you need a testamentary trust?
– Enduring Power of Attorney. You need this in case you lose your mental capacity. The person you give the power of attorney to can step into your financial shoes.
– Enduring Power of Guardianship. This provides a family member or trusted friend with the authority to manage lifestyle issues for you if you are no longer capable. It provides an advance health directive which specifies what medical treatment you want, depending on your circumstances.
– Binding Death Nominations. This is a written directive to the Trustee of you super fund nominating who should receive your super balance if you pass away.
– Life, Trauma, Income Protection & Total & Permanent Disablement (TPD) Insurance. Is the cover sufficient for my family if I die or become disabled? What if I have a serious accident? What happens to the family home? Who are the nominated beneficiaries?
Please don’t put it off any longer! If you need help call your SWP adviser.
Here is a link to the Securitor “Guide to Estate Planning” for your information. Link: Guide to Estate Planning