With the new year comes the flurry and excitement of the potential for a new you. Making our goals for this next 12 month chapter is all the buzz. There are however, 3 major goals that everyone should be ticking off their list first. They are;
- Complete my Will;
There are many good reasons to have a will. A will helps you distribute your assets clearly and identify guardianship for your children as well as assisting your beneficiaries with getting access to your assets and help offset any estate taxed for when the time comes.
- Assign my Enduring Power of Attorney; and
An Enduring Power of Attorney is one of the most powerful documents one can create. It gives your nominated attorney the ability to act on your behalf either immediately or when you have lost capacity.
- Nominate beneficiaries of my Superannuation.
A binding death benefit nomination allows you to separate your superannuation from the distribution of your estate under your Will. With this document you are able to nominate a person of your choosing to receiving your superannuation entitles upon your death. This is particularly helpful for when your beneficiaries are in the process of probate. However, please note that these documents differ between superannuation funds and generally lapse every 3 years.
Estate planning and Will creation is not the most upbeat process one can go through, but it is the most important. Failure to do so can cause untold stress and disputes for the loved ones you leave behind. To discuss your estate planning contact Alice or Teyana at our office on (07) 5445 1213.