You’re young, so you probably don’t need a will or plan for your estate yet, right? Wrong.
The sooner you get your estate plan in place, the sooner you can continue focusing on your life, building your career and spending quality time with your family, with the peace of mind you deserve. You may also be under the assumption that Estate Planning is just for the wealthy. It isn’t. It’s for everyone.
Read on to find out just how important Estate Planning is, and why.
1. Protect and care for your children
We all have a family and want to protect them, especially where young children are concerned.
An Estate Plan isn’t just about where your money will go, or who it will go to, it’s about who will take care of the ones you love too.
In the unlikely event that something happens to you and your partner, you want to ensure your children will be cared for by the guardians you choose – a will can make sure of this.
2. Minimise taxes
Did you know that when prepared properly by a legal professional, and with the help of an accountant, an Estate Plan can help minimise taxes?
Investment vehicles such as trusts, can help protect your assets and ensure your children receive your assets.
There are other effective strategies which can help reduce the amount of tax your beneficiaries will pay too – talk to us to find out more.
3. Avoid a family feud
Sometimes family and money don’t mix. We’ve all heard the horror stories – a family member with money dies and the money war begins! Arguments like these often end up in court and can get very ugly. It’s sad, but true.
Although you won’t be around to witness it, you can make sure it doesn’t happen at all. How? With an Estate Plan of course. An effective Estate Plan will enable you to choose who controls your finances and assets if you become mentally incapacitated or after you die.
4. Stay in control of your finances, even after you’re gone
What you may not know, is that there can be more to an Estate Plan than deciding who will inherit the money you leave behind – you can stay in control of your finances, even after you’re gone too.
Maybe you want to continue donating to a charity every month or send some money to a close friend, or perhaps you don’t want your children to be left paying your mortgage. Whatever it may be, the right will can usually make it happen.
As they say… where there’s will, there’s a way!
5. Insure your family
Estate Planning isn’t just about a will. There are other important strategies to consider too – such as life insurance. Having the right level of life insurance cover can be the difference between a safety net, and no safety for your family. This amount may be calculated to cover funeral costs and the mortgage, ensuring your family isn’t left under a mountain of debt.
An Estate Plan is vital for anyone, at any age.
Don’t leave it too late, protect your family and ease your mind with an Estate Plan.
We take the time to get to know you, so you can ensure the plans we help you put in place are right for you, and only you.