Estate Planning FAQs
A Will is a very important part of your financials. A Will gives certainty in who will control your wealth after you pass away and who will inherit your wealth. The sad point of this is more than half of the population in Australia don`t have a simple Will in place. You do not have to be old to have a Will. In the event of death, unfortunately legislation dictates and sometimes does not favour your actual wishes. By not having a Will; you are leaving so many potential issues and potential family conflicts and disputes behind.
Estate Planning is not about only having a Will in place; a Will is simply a document. Estate Planning is a process that ensures that your financial affairs are in order. Estate Planning includes having a Will, Powers of Attorney and in many cases having a Trust Structure. You have to factor in life insurances, superannuation, shares in a private company, and interests in family trusts. Some of these assets do not fall automatically within a Will.
It is important to ensure that you need to have proper Estate Planning in place to deal with some of these assets that you have created over time. Estate Planning is for everyone. It is not a set and forget structure. If Estate Planning is not done correctly, it causes delays, unnecessary frustrations amongst family members and can cost a little or a lot of money.
You need to ensure that you ask yourself the question on who you appoint as an executor. The executor is responsible for carrying out your wishes as expressed in your Will and has fundamental control of the process. You need to ensure that you trust them and that they are competent; and have a high degree of integrity. An executor can be a professional, a family member or even a trustee company. The administration of your estate can be time consuming and is likely to require high level of knowledge on investing, taxation, accounting and law.