Why is Estate Planning Important?
Creating a Will and keeping it up to date is not the sole focus of your estate planning. It is an important part but you also need to consider what will happen if you become legally incapable of dealing with your financial affairs or day-to-day living arrangements.
Ensuring your legal affairs are in order is essential and we need to take the same level of care that we have for your retirement planning.
The consequences of failing to plan for these possibilities can be distressing and costly for your loved ones. Dealing with the grief after a loved one has passed away can be made worse if your loved ones are faced with issues that result in delays with the distribution of the estate, extra legal costs or unnecessary taxes (such as capital gains tax).
Equally as traumatic are families left with no choice other than to deal with government agencies because a loved one has, through illness, lost legal capacity to manage their own affairs and did not have an Enduring Power of Attorney in place. Ensuring your legal affairs are in order will ensure that your loved ones don’t have to face these issues.
Having appropriate estate planning strategies in place will ensure that your wealth is transferred according to your wishes, and in the most financially-efficient and tax-effective way. A Will is an important part of estate planning, but once established, your Will needs to be updated regularly to include any changes in your or your beneficiaries’ circumstances.