28/01/2016

Estate planning is for everyone - brothers, sisters, mums and dads. But your estate plan is not prepared unless you’ve talked to Townsends.

Often estate planning is the elephant in the room, the conversation put in the too-hard basket and left for another day. Without being too grim, generally you don’t get forewarning to get your affairs in order. The fact of the matter is that you are never too young, or too old, to get the ball rolling. The right day is today!

Let’s bust a few myths together.

Estate planning is expensive
Myth!
It is not necessarily cheap but it is excellent value. Preparing an estate plan is like getting a new suit. It should be tailored to be the best fit for the person wearing it. The more complex the estate plan, just like a tailored suit, the higher the cost. A less complicated estate plan does not mean less quality, it just means the design of the estate plan is simpler. But the stress and worry that is saved when your estate plan works well is invaluable for the family left behind.  As we say: it’s not the cost, it’s the value!

You have to be middle-aged or older with lots of money and assets to need estate planning
Another myth!
You’re never too young for it. Estate plans are easier to develop at a younger age and manage as your age and wealth increase. There are always things to consider like first choice Executors and alternatives, first choice beneficiaries and alternatives, and what’s to happen with your super benefits, including the life insurance cover that your fund may pay on your death. No-one knows when they are going to die and you never want to leave a mess for your family at any age.

You don’t need it because your partner and kids will get everything automatically
Mythed again!
An estate plan is your opportunity to make a determination as to what happens to your assets after you pass away. Not only who they are given to but what they are given as well. Don’t be too sure that you know who would automatically take your estate.  And in any case the administration of an estate where there is no Will (called ‘intestacy’) takes longer and is more uncertain. Having a valid Will is just another step in being thoughtful towards and taking care of your loved ones. By setting out your estate plan you can make life a lot easier at a time of particular distress and upset for them.

A Will is the only important estate planning document
Mythed by a mile!
There are many documents that you can prepare to ensure that all of your wishes are clear to those administering your estate. A Will can be simple or increasingly more complicated, and it can be combined with other documents to provide a full account of your wishes as to things like future healthcare, guardianship of children, financial and legal affairs in the event you lose capacity, your wishes for burial, and of course your directions about your superannuation.

At Townsends Business & Corporate Lawyers, we are able to provide a range of services to suit each person or family’s estate planning needs. First step first, completing the Testamentary Manual on our website. This will allow our team of specialised lawyers to present options to you for the level of estate plan best suited to your circumstances.

So it’s time to talk estate planning; call Townsends Business & Corporate Lawyers on (02) 8296 6222.