Why being prepared matters.
A properly coordinated Estate Plan can help avoid disputes, protect vulnerable family members, make things easier for your loved ones, and ensure your wishes are actually carried out. On another note, if you are a young professional living out your dreams of high net worth and world domination, what happens to it all should the unthinkable happen - death, total impairment, and so on?
Having a Will does not necessarily mean every asset will be distributed according to the Will. Superannuation, jointly owned property, trusts and certain other assets can sit outside the estate.
Things to consider:
- A Will; without a valid Will, NSW intestacy laws determine who inherits, and if you have one but haven't drafted it with expert advice, who knows where it will end up. Don't pick up that DIY pack in the post office!
- Enduring Power of Attorney and Appointment of Enduring Guardian - Ensures Financial and Legal decisions are protected, and your health and how you live out your life is emotionally and sensibly considered should you not be able to make these decisions yourself.
- Super - that nest egg you quietly contribute to each day of your working life - if you don't reach the age to enjoy it - who does? Is a binding nomination appropriate? What's that? You should get a lawyer...
- Life insurance - how will the proceeds interact with your estate?
- You have done your best raising a family; however, if you pass away, are your children or dependants capable of managing their inheritance? Do they require a guardian?
- Assets held jointly or through trusts/companies are treated differently from personal assets; a Will may not be enough to determine their destiny
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