Our own mortality – it’s something many people avoid thinking about. So, it’s probably no surprise to find out that a staggering number of people die without a will or estate plan. And this can become a huge problem. Your loved ones are likely already dealing with grief and worry after you’re gone – they don’t need to be dealing with the complexities of estate planning at such a time as well.
We get it – it’s no one’s favourite topic to think about. But estate planning is a critical part of managing your assets, property and finances, and will help your beneficiaries avoid disagreements and difficulties. And with the right financial advice, it may not be as complex and time consuming as you might think. Estate planning is the process of arranging for the management or disposal of your estate, and may include writing wills, charitable giving, tax planning, life insurance, trusts for family members, establishing Enduring Powers of Attorney and distribution of your assets.
It may sound like there’s a lot involved, but here at Opal Advice we can streamline the process for you and help make creating an estate plan as painless as possible. We can help you:
- Create a comprehensive plan to ensure the distribution of your estate to the individuals you choose.
- Ensure your family is cared for financially.
- Take care of superannuation estate planning.
- Manage tax implications for beneficiaries.
- Leave bequests to charitable organisations.
- Provide continued guidance to your beneficiaries after your passing if necessary.
It’s a sobering fact of life that we never know when our time is up. So, don’t leave estate planning until it’s too late, just because it may involve difficult conversations. It’s far wiser to start the process early and ensure it fits within your broader financial plan. Your number one priority should be to ensure that your family does not experience additional heartache or conflict because you failed to adequately plan for the distribution of your estate.
It may not be the most pleasant task, but once it’s done, you’ll be rewarded with enormous peace of mind that your family is protected, and your assets are distributed effectively and in the way you want. And your family will be able to navigate the process after you’re gone much more smoothly, and without unnecessary stress, worry and angst. So, don’t delay, get your estate plan in place – it’s the final gift you’ll be able to give your family.