The Truth About Estate Planning

Estate planning can be challenging.  It's not easy for me, as your solicitor, to ask intrusive questions about your personal life and finances.  Equally, it's difficult for clients to contemplate what happens after they pass away.  But being prepared for an estate planning conversation is crucial.  Here are a few things to consider.

 First, think about trusted individuals who can serve as your executor and attorney under an enduring power of attorney. These are people you trust to handle your finances and potentially manage finances on behalf of your children. Also, consider the longevity of an executor, as administrations can take time.

 Next, ponder your beneficiaries. This can be particularly challenging for those without children. Siblings, nieces, nephews, and close friends from past relationships can be suitable options. Charitable organisations are also worth considering. Take time to identify potential beneficiaries who hold significance in your life.

 If you have children, deciding on a legal guardian can be one of the toughest questions to answer. Remember, children grow and change, and what may seem suitable now may not be in the future. Consider their long-term needs and who can realistically provide the care they require.

 Estate planning is an ongoing conversation. I recommend reviewing your will annually and updating it every three to five years, depending on changes in circumstances. It's important to keep your plans aligned with your current situation.

 I hope these hard truths about estate planning have provided valuable insights. If you're ready to have these conversations and develop a strategy for your estate, book a free consultation with me on my website at viccalaw.com.au. You can also reach me anytime at 0414 193 373.

 Let's navigate the complexities of estate planning together and ensure your wishes are safeguarded.