Do you think that estate planning is something you can do later in life? You couldn’t be more wrong.
Estate planning is a vital aspect of financial planning, no matter how old you are or how many assets you have. Estate planning can be done as early as 18 years and should be done as early as possible. This ensures the most effective and efficient plan and transfer of assets upon your death.
Benefits of early estate planning
- Protecting your family – your Will allows you to determine how you would like your assets to be distributed after you die, which prevents family disputes and financially protects your loved ones.
- Minimising tax burdens – you can specify how you wish your real property is dealt with to minimise capital gains tax implications on your beneficiaries.
- Avoiding lengthy and costly probate process – a well drafted Will avoids a complicated probate process and inefficient distribution of assets, protecting your loved ones from emotional and financial stress.
Aspects to consider when estate planning
- Appointing a guardian in your Will for minor children to ensure there is someone to take care of your children if you were to pass away.
- Prepare financial and medical Powers of Attorney to prepare for physical or mental incapacity.
- Ensure you review and update your Will regularly to ensure it is up to date with your personal circumstances.
If you are ready to begin estate planning, we can help you begin the process. We will prepare all relevant and required documents tailored to your personal needs.