Home / Blog / How To Improve Your Estate Planning

How To Improve Your Estate Planning

December 10, 2021 | Estate Planning

Creating an estate plan is critical to having peace of mind. Besides managing your assets, it’s also an assurance that your loved ones will benefit from your estate upon your death.

A well-thought-out estate plan is a critical component of retirement preparation. However, not everyone knows if they have the right documents prepared. Are you confident in your estate planning? The following seven points will assist you in identifying any gaps in your estate planning process.

1. Do I Have a Reliable Executor on My Side?

You must select an executor to guarantee that your desires are carried out, and your estate is distributed accordingly. An executor’s responsibilities include collecting assets and paying bills to ensure that beneficiaries get their dues. For this reason, you must choose an executor you can trust and who is willing to handle this job.

2. Do I Have Legal Guardians Assigned For My Dependents?

As you arrange your estate, this might be one of the essential things you should accomplish. What would happen to your dependents if you died today? Are you prepared to provide for their care, including guardianship and money for their education and upbringing? Confirming your answers to these concerns will help you consider if your estate plan addresses all these issues.

3. Is My Last Will Up-To-Date?

Your estate’s distribution may be significantly impacted by having a Will in place. It is up to the state to distribute your assets if you do not have a Will. In this circumstance, legal challenges from unhappy or estranged family members and other interested parties are common.

With a Will, you may specify who will get your assets, including cash, investments, real estate, vehicles, jewellery, art, and other valuables. You may also utilise your Will to inform your loved ones about your funeral, burial, or cremation preferences.

 4. Have I Given the Right Person an Enduring Power of Attorney?

In creating their Wills, many individuals also arrange for a trustworthy individual to have an Enduring Power of Attorney (EPA). You may appoint an executive power of attorney (EPA) to handle your financial and legal affairs if you become incapable of doing so yourself.

5. Have I Arranged For Making An Enduring Power of Guardianship?

You may give someone else the authority to make welfare and medical decisions for you if you become mentally incapacitated, similar to an Enduring Power of Attorney (EPA). You need to be able to rely on this person to know and respect your essential lifestyle and medical needs.

6. Have I Laid Out An Advance Health Directive?

Your wishes may be expressed in an Advance Health Directive should you become incapacitated or otherwise unable to make medical choices for yourself. Your medical treatment options and how your body is treated might be specified in the event of an accident.

7. Have I had My Estate Planning Reviewed by Professionals?

A skilled financial planner can work with your solicitor and accountant to provide you with valuable insights into your estate planning that will allow you to improve and protect your assets even further. For those who haven’t discussed your financial strategy with a financial planner, give us a call.

Get Started on Your Estate Planning!

It may be tempting to put off your estate planning. Disease, accidents, and death are all things that most of us prefer not to think about. You’ll be able to appreciate the moment much more thoroughly if you take care of your affairs as soon as possible.

It is essential to prepare your family for the unexpected when it comes to family estate planning. With the proper arrangements in place, the assets you’ve worked so hard to accumulate can smoothly pass on to the right benefactors.

To learn more on how to effectively plan your estate, check out these posts:

Are you looking for experienced guidance on estate planning? Sydney Wealth Advisers is a market-leading provider of financial planning services in Sydney. Working together, we make sure your financial resources are sufficient to maintain your preferred way of life. Call us today to discuss how we can support you.

DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.

Related Articles

December 13, 2022 |

The Important Questions to Ask When Estate Planning

Posted by Coastal Advice Group
December 6, 2022 |

How Can I Benefit from an Estate Plan?

Posted by Coastal Advice Group