Having a set estate plan in place is not something that everyone thinks about. However, here at Endorphin Wealth we believe that a plan for the future is an important part of your overall financial hygiene.
We can help you understand the importance of a good plan and can introduce you to experts in the field who will make the process of setting up your Will and Power of Attorney a simple task!
Getting your estate in order is more important than ever before.
There are many reasons why having an up-to-date estate plan is so important. Taking the time to get an estate plan in place will ensure your loved ones will be in the best position to deal with an unexpected event. It will also reduce the risk of family disputes or the likelihood of expensive legal actions in the future.
What should you have?
Regardless of your age or financial situation, at a minimum you should have an:
- Up-to-date Will that reflects your wishes and any limitations you would like to impose on your estate. It is important to remember that the Will only comes into effect when you pass away
- Enduring Power of Attorney. It is in effect during your lifetime and relates to your financial and legal affairs. It allows you to appoint a person/s to assist with financial affairs if you were to be incapable of managing your affairs
- Advance Health Directive. It is also in effect during your lifetime and relates to your medical needs. It allows you to appoint a person/s to decide matters including medical services you should receive or refuse to receive.
- Valid death benefit nomination in super. You should contact your Financial Advisor to check your nomination and ensure it reflects your wishes. This is important because super does not automatically form part of the Estate unless you made a nomination to your legal personal representative.
It is important to reach out to an Endorphin Wealth Financial Advisor to help guide you down the right path. We can put you in touch with specialists and can research your superannuation to ensure your nominations are in place.
The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional.
We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser.