Nobody wants to think about death, but it’s a reality we all must face. It’s impossible to predict when it can happen, which is why estate planning is so important. Knowing how your assets and belongings will be dealt with, will ease the burden placed on those left behind – but these aren’t the only benefits that estate planning offers. Here are a few others you may not have considered.
Estate planning saves time
Many people aren’t aware that when you die intestate (with no estate plan in place) that the burden for managing your affairs doesn’t fall onto any particular person. A Solicitor will need to be granted access to your estate, and this can take several months, during which all that you own will remain inaccessible to those who might need it. Having a clear and detailed estate plan will prevent precious time being wasted.
You remain in control
An estate plan isn’t always used when you die. It can be vital should you fall ill and require someone else to make decisions for you. Would you want to leave life-changing decisions up to a stranger? You might have very specific beliefs regarding healthcare and you’ll want to know that even if you can’t advocate for them, that someone is able to do so on your behalf.
You save money
Imagine having a nest egg set aside for a child, spouse or loved one. Now imagine that nest egg being devoured by dozens of endless legal fees and other costs because you failed to create an estate plan. Intestate estates can take months – if not years – of specialist legal work to untangle, leaving your family with mere pocket change in the end.
You can decide the details
Many of us have treasured belongings that cost nothing, such as family heirlooms. While they might be considered useless to the outside world, they are invaluable to you. Make sure these little details are taken care of as you see fit by including them in your estate plan.
Now that you know what an estate plan can do, you’ll want to draft one yourself. This is a great idea, as long as you follow up with a qualified legal Solicitor on the final version. This will make sure its watertight, legal and a process that gives you peace of mind knowing that your legacy is going to be left exactly where you want it to be.
Stones Sharp assist clients by working with you and your Solicitor to ensure that all aspects in relation to your financial affairs are covered including business succession. For help creating your estate plan, get in contact with the professionals at Stones Sharp today.
FCPA & CA
Shane is a Fellow of the Australian Society of Certified Practicing Accountants and a Chartered Accountant.
Shane’s passion is to consider the clients, the client’s business and taxation affairs with a holistic approach whilst providing business mentoring, business strategies, systems development, taxation advice and taxation planning in order to assist his clients and their business achieve their goals.
