None of us wants to think about this but ensuring that your estate is protected will ensure that your family does not suffer any unnecessary delay or expense in sorting out your affairs if you are unable to do so yourself or after your death.
Planning for your own future, the future of your family and your business is essential to protect your assets and income, in the short and long term.
The tools used in estate planning for individuals include wills, enduring powers of attorney and trusts.
Wills
A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children, and names one or more persons (the executor) to manage the estate until its final distribution.
It is important to make a will when you marry, acquire a valuable possession, buy a home or take out a life insurance policy. It is equally important to ensure that you update your will if your marriage or relationship breaks up.
Trusts
A trust may be established for several reasons and some insurance policies can be owned and administered by trustees of trusts. A family trust can help to safeguard your assets since the ownership of the assets shifts to the trust.
Due to the complexity of trusts, we can refer you to a specialist who can assist.
Enduring Power of Attorney (EPA)
An Enduring Power of Attorney (EPA) is a document that gives peace of mind that you have decided, ahead of time, who you trust to make decisions for you if you are not capable due to Illness or injury.
There are two types of EPA:
Property: covers your money and assets and can come into effect even if you don’t lose mental capacity. It can be used if you are overseas and need someone to buy, sell or manage assets or investment funds on your behalf.
Personal Care and Welfare: covers your health, accommodation and associated care decisions and is only effective where there is a loss of mental capacity because of an illness or accident.
We can refer you to a specialist who can assist you with setting up EPAs.
