Is Estate Planning Just For the Elderly?
by Jacqui Brauman
Is estate planning just for the elderly. Simple answer: NO. But the problem is that whilst its important for everyone, those that are busy never seem to get around to it.
Whilst there is a greater likelihood that the elderlyâ€™s estate planning will be implemented, it can actually be more critical to get your estate planning sorted out whilst you have young children.
As parents of young children, you really need to ensure you have guardians appointed, or else the decision will be taken out of your hands. I have written a few articles on this:
- 8 Mistakes Parent Make When Choosing Guardians
- 5 Legal Documents Every Parent Should Have, and
- 5 Reasons Why I Should Appoint Guardians For My Children
Estate planning doesnâ€™t just mean your Will, although that is a crucial part of it. Estate planning covers all the following areas, and should involve a collaboration between your lawyer, financial planner and accountant:
- Wills and Powers of Attorney
- Superannuation and Binding Death Benefit Nominations
- Ownership structure of assets
- Taxation considerations
- Testamentary trusts, and
- Life insurance
I have even written a book with stories of young families that havenâ€™t done their estate planning, or havenâ€™t done it well enough, and the horror stories that can happen: In Case of Emergency.
Accidents happen, and young fit people die whilst playing sport, as happened only last week in Colac when 24-year-old father of two Aaron Mahoney died on the football field. I wish all the best for his family. But please donâ€™t think that you are invincible.
Come in to see me and get some advice and sort some things out – itâ€™s not that hard.
Contact us to arrange a chat with one of our legal professionals. It doesnâ€™t hurt to ask.
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