No matter what age you are, there are some documents and processes that should always be as updated as possible. Your passport and general identification documents are common examples of this. Another key aspect to always keep updated is you estate planning and everything that goes with it.
It’s with this in mind that you should use the estate planning lawyers Melbourne locals rely on, to get these important aspects in place. This post takes a closer look at the top reasons why you should have your estate planning updated.
Estate Planning is Always Essential
Losing a loved one is difficult enough as it is. It gets even harder when you need to finalise your loved ones estate. By adding estate planning to your personal portfolio, you’ll be able to ensure that your family don’t have to struggle with this when the time comes. There are several more reasons why estate planning is a good idea. Let’s take a look at the most prominent.
1. Enables You to Provide for Your Family
The primary advantage of estate planning is that you can provide for your family when you’re no longer around. After all, isn’t this what you’re working for every day? With proper planning, you will be able to ensure that your family can continue living a life as close to the standards they’ve become used to.
2. Make the Best Decision for Your Children’s Welfare
Another crucial aspect of estate planning is that it enables you to make the best decisions regarding your children. This is especially important if you are a single parent, or your children are still noticeably young.
Typically, this type of planning enables you to identify legal guardians and if possible, create a trust fund for their welfare. Keep in mind that having a discussion with a potential guardian isn’t enough in the eyes of the court.
Once you have discussed this decision with the potential guardians, be sure to include it in your estate planning. Be sure to create a strong relationship between your children and their potential guardians so that the bond exists if it’s ever required.
- Estate Planning Facilitates Decisions
Aspects such as where to bury a loved one or scatter their ashes is a difficult decisions for families to make if there are no previous arrangements in place. Save your family the stress of having to deal with this as there could be disagreements that lead to arguments and resentment.
Avoid this heart-wrenching process by listing your wishes in your estate plan. These should include burial or cremation arrangements as well as your wishes regarding life support and end-of-life care. This will avoid arguments between people who have different ideas about doing what’s best for you.
- Takes Care of Crucial Business Decisions
Estate planning is also a vital aspect of business ownership or any company you are a partner in. No matter what type of business you own, be sure to include its legacy in your estate planning. This will help your family and heirs either maintain your business, hand it over or sell your hard work to qualified individuals.
If your business has employees, you may want to consider drawing up a “business as usual” clause as this will ensure that your staff aren’t left without work from one day to the next. In many instances, this can mean that the same employees remain employed in the business if an heir takes over.
- Can Also Plan for Potential Disability
It’s important to note that estate planning doesn’t only involve dealing with your affairs in the event of your death. You can also draw up arrangements to be made in the event of disability or stroke where you’re unable to communicate. Here you can nominate a person to take care of your finances, bills and medical arrangements.
- Reduces Potential Estate Expenses
Neglecting to plan your estate can lead to high court costs and attorney fees to finalise everything after you have passed on. When you don’t have an estate plan, the courts will have to deal with the following:
- Distribution of assets
- Guardianship of children
- Payment of debts
- Dissolution of any businesses
- Highlight Charity Arrangements
If you have always been involved with various charities, you’ll obviously want to include them in your estate planning. Keep in mind that your family may not share your belief in a particular charity so it’s important to list your wishes and the charity details in your estate plan. This will ensure that you can make a lasting difference to a charity that you believe in.
Final Thought
Sorting out a loved one’s estate can be time-consuming, costly and difficult. Avoid leaving your family with the burden of legal fees and potential in-family fighting. Speak to a certified estate planning lawyer to guide you along the process and be sure to update this as your life and finances change. This will give you peace of mind that everyone you love is taking care of!