ESTATE PLANNING CHECK-LIST
Whilst estate planning is not a pleasant issue, it is nevertheless a very important one. The following check-list will assist you in evaluating your estate planning programme.
Issues to Consider:
Do you have an up-to-date will consistent with your current individual circumstances?
Has an appropriate executor been named?
Do you have a current list of instructions?
Is there an appropriate adult guardian appointed for children and other dependents?
Has a detailed list and estimate of the worth of your estate been prepared?
Have provisions been made to ensure there is sufficient liquidity in the estate to cover costs and incidentals?
Have the tax implications been considered including capital gains tax?
Have trusts been considered as part of the estate planning process?
Where you have a business, have provisions been made for its’ succession with either family members or business partners / associates?
Care is needed in drafting your will to protect your preferred beneficiaries interests during their potentially difficult financial periods: divorce, defacto relationships, business problems, creditors, bankruptcy etc.
Proper financial planning for your estate is essential to ensure all your instructions are fully adhered to. Please phone 9887 8899 to organise a suitable appointment to discuss your personal estate planning.
PEACE OF MIND
What is an Enduring Power of Attorney?
A Power of Attorney is a formal document in which you authorise another party to manage your financial affairs. The authority continues even if you lose the capacity to act on your own behalf.
This could be the case where, for example, you are disabled due to stroke, accident or illness.
Why have a Enduring Power of Attorney?
Although you don’t like to think about it, there may come a time when you are physically or mentally unable to attend to your own affairs. You may have insurance to cover the loss of your income, but what would happen if you couldn’t sign your name to access your funds?
Who would pay for your mortgage, do your banking, pay your bills or monitor your investments?
An Enduring Power of Attorney should always be in place for just such an occurrence, or for when you are away from home for an extended period. Once arranged, an Enduring Power of Attorney can lie dormant until needed.
How will an Enduring Power of Attorney Benefit Me?
When activated, the Trustee Company or person nominated as your Attorney is able to act on your behalf and manage your financial affairs to whatever degree you choose. Your Attorney can do such things as monitor your investments, pay your bills, manage your business, and maintain your property.
Who should I appoint as my Attorney?
Given the broad range of duties an Attorney under Power can perform, it is essential that you choose a competent party. Many of these duties require professional expertise and many people turn to a Trustee Company for peace of mind. Trustee companies are staffed by professionals in all fields who are bound to act in their clients best interests. Quite simply, it is an enormous responsibility no often realised by well meaning individuals who don’t have the necessary expertise.
How can I arrange my Enduring Power of Attorney?
Arranging an Enduring Power of Attorney is easy. Just by making a phone call to organise a suitable appointment at our offices.