No one wants to think about his or her own death. Unfortunately there’s nothing more certain in life than death. It’s important to decide what will happen to yourself and your assets in the circumstances that you die or lose the mental capacity to make decisions.
A large part of the estate planning process consists of creating your will, however a good estate plan will include much more than this. Any directions that express your medical and legal preferences should also be included in the case that you are unable to make those decisions yourself.
To draw up the legal agreements for your estate plan you must be over 18 and mentally sound. A typical estate plan will consist of a:
- Will – provides detail of how your assets will be shared, who will look after young children, and even instructions for your funeral.
- Living will – provides detail of your wishes should you become terminally ill or unable to communicate (e.g. sustaining medical intervention or not).
- Power of attorney – gives someone the authority to manage your financial and legal affairs if you lose the capacity to make your own decisions.
- Power of guardianship – Authorises someone to make medical and lifestyle decisions on your behalf if you become unable.
- Testamentary trusts – depending on circumstances, testamentary trusts within a will can be used to protect assets, only coming into effect when the person who has created the will dies.
- Superannuation death nominations – gives details on who receives your super if you die.
Developing an effective estate plan will ensure that any tax payable is minimised and the ownership of assets passes to the right beneficiaries. It will also give you the peace of mind that your wishes will be followed, leaving your family comfortable in the knowledge that they are protected from the unexpected.
Here at MG Partners, we are specialists in Estate Planning and have offered many outstanding solutions for our clients. Contact MG Financial Services by phone 03 9523 6500 or email firstname.lastname@example.org for a free consultation today.
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MG Partners also has an associate in-house Lawyer, Michelle Savage, who will help you to achieve the best outcomes for your legal matters.
Michelle operates from within Savage & Co out of our Elsternwick office. Get to know our associate Michelle in her ‘get to know you’ blog here!