People often put Estate Planning off but now is the time to put your plan in place if you have not already.
The topic of Estate Planning is often disregarded on the basis that it is only required for elderly people or because the process can be considered uncomfortable. The reality is that without having a plan in place, the legal affect that takes place after a person's death is what becomes most distressing for family members and friends.
Estate Planning is an important aspect during your lifetime because it ensures that your Estate is administered in accordance with your wishes upon your death.
A Will
Preparation of a Will enables you to nominate beneficiaries who you wish to inherit your Estate upon your death. Without a Will in place, you have no control as to the administration of your assets or who receives them. A Will can also be prepared to reflect certain events that you wish to take place upon your death such as funeral arrangements or the creation of a Trust.
Testamentary Guardian
Additionally, you have the opportunity to elect an individual or multiple persons whom you wish to act as Testamentary Guardian for your children to ensure that they are cared for. In the event that the unfortunate was to happen, appointing a Guardian may assist in disputes that arise between people as to the care of your children.
People's circumstances are changing unexpectedly and therefore putting a plan into place now is imperative to protect your assets and people in your life, should something happen.
There are documents which may be prepared and enacted during your lifetime such as a Power of Attorney or Enduring Guardian.
Power of Attorney
Allows you to appoint a person to assist with and control your finances if you do not have the mental capacity to do so yourself.
Enduring Guardian
Similar to a Power of Attorney, an Enduring Guardian enables you to appoint a person to make decisions for you regarding your health if you do not have the mental capacity to make these decisions for yourself. During your lifetime or upon your death if there is no plan in place, it could become a costly and stressful exercise for those involved.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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