We don’t like to think on it much, but the fact remains we humans are not immortal and will one day join all of those who have gone before us and shuffle off this mortal coil- in other words we are all going to die! Even though we try to push the thought aside naturally enough, and it’s not one that’s healthy to dwell on, there are some things that we need to do now to prepare for that inevitable event, if not for ourselves, for our loved ones we leave behind!
If you haven’t done so yet, then it is in the best interests of you and your heirs to manage your estate planning now while you are of sound mind and body and before any accidents might occur! Estate planning is an absolute essential for personal financial management, it ensures the proper distribution of your assets and wealth upon the event of your death. Estate planning In Australia is particularly critical because of the country’s unique tax and legal systems as well as our diverse family dynamics.
The drafting of a simple Will is just the beginning of a comprehensive estate plan that encompasses the management and distribution of all of your assets, including personal belongings, property, and investments during what remains of your lifetime and after your death. A carefully constructed estate plan also takes into account your personal wishes in regard to the care of minor children and their guardianship.
It is the unfortunate case that a large portion of the population does not have a valid and up-to-date Will in place, leaving their personal estate exposed to the risk of being distributed by the government according to intestacy laws that vary across different states and territories. That variance often leads to unhappy, unintended consequences for your surviving family members and beneficiaries! Worse yet, inadequate estate planning can also result in you suffering increased tax liabilities, the erosion of your asset’s value, and that sad old story- legal disputes among your family members!
Your comprehensive estate planning efforts in Australia should begin with appointing an executor. It’s imperative that your estate plan should have a designated executor, a person you trust absolutely to be responsible for managing your estate and making sure that your wishes are faithfully carried out. The executor of the estate has a variety of duties, including paying debts, securing assets, and distributing the estate to the beneficiaries you have named.
Once your estate planning is taken care of you can forget about it again and enjoy the fruits of your labours- it’s best to do that now, too!
