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Everything You Should Know About Estate Planning

A lot of people live day-by-day with little to no concern for the future. However, this kind of short-sightedness and lack of concern for tomorrow is not only irresponsible but, frankly, quite selfish, as well. Think about it, you can spend hours, days and weeks planning your vacation but spend no time thinking about what happens to your family and your assets once you are gone? No, this is not just for the old and infirm and no, this is not just for the rich. Estate planning is something that every responsible, adult individual need to tend to as soon as possible. Here are several tips to help you out.

Start by identifying goals

The first thing you need to know is what your primary intention is. For instance, if you have minor children, your primary concern is for their wellbeing. Those who have pets may worry about them being taken care of, as well. Then, there’s the issue of your entire family, especially if you’re the primary source of income. Some are interested in their own legacy, which may either concern their business or the charity that their funds will be used for. Regardless of what your goals are, what you need to avoid is a messy bureaucratic nightmare that will follow your demise.

Make a list of assets

Another thing you need to take into consideration is the assets that you want to include on this list. You should start with all the major assets like the real estate that you own, the vehicles that you have and even ownership in a business. Then, there are issues of intellectual property and investment accounts. Lastly, there’s the personal property that can have both financial and sentimental value. We’re talking about things like your book and art collection, the furniture that you own or even some jewellery.

Consult professional assistance

The best course of action is definitely for you to hire professionals in the form of soliciting and conveyancing services. This way, you can ensure that everything is done by the book and that your intentions will be carried through to the letter. You see, an oversight while making these plans can later be exploited by the dissatisfied parties. This would have the most important. In other words, if your will is not going to be ironclad and achieve exactly what you’ve expected it to, why even bother making it? Fortunately, all of it is completely avoidable by hiding professionals to compose it.

What are the risks?

Speaking about safeguards, one of the most important things you need to keep in mind is the potential risks to your assets. For instance, you can suffer some losses based on claims against your business or due to nursing home costs. The latter might be particularly expensive and if your business is not doing so great anymore… well, you just might have a problem there. Other than this, your medical expenses might leave you with less than you’ve expected. Finally, there may be some creditor claims that will significantly diminish the value of your assets. Only after taking all of this into consideration will you know for sure where you stand.

In conclusion

The very last thing you need to understand is the fact that the lack of straightforward advice was not unintentional. Everyone’s situation is different, seeing as how different people have different assets and estate planning goals in mind. The variables are many, which is why you need A) professional assistance and B) a systemic approach to the situation as a whole. This is probably the only way to make things right.

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Alexis Walker

Alexis is a Sydney-based part-time lifestyle writer and a full-time mom of two. Her words carry the richness of her travelling and parenting adventures, offer advice and inspiration to those who desire to improve their lives. Outside of the office, she takes pleasure in spending precious time with her youngsters and absorbing the happiness they constantly radiate.

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