Estate Planning Basics

Most people shy away from talking about death and dying. Understandably so.

We know any conversation we have will be extremely emotional and that we’ll be forced to confront a reality we’re not ready for - we and our favourite people won’t be around forever.

Consider it an act of love

So although most people tell us they’d rather pull their teeth out than sort out their Estate Plan, we shouldn’t delay conversations just because they are difficult.

You must start normalising conversations about death and dying before we’re not able to have them anymore. Talking about it helps people get on the same page and provides clarity about what’s really important.

Not talking about how to manage our wealth and health while we can it makes it difficult for the ones we love the most. They are left behind to muddle through the estate and everything in it.

Terrified they are doing the wrong thing because they are unsure of your wishes. All while grieving.

Doesn’t seem fair, does it? Especially when it’s avoidable.

Sadly, death is a part of life. But you can plan for it.
It’s smart. It’s kind. And it’s a relief for your loved ones.

Have you had the ‘death talk’ yet?

It’s time to have discussions about dying, ill-health, and the legacy you want to leave behind.

Have the talk and plan ahead

Most people think Estate Planning is only about having a will ready to go if something happens to you. But it’s much more than that.

By having conversations now, you make life easier for your loved ones to deal with you not being around – they know where your documents are, they know your wishes, you have funeral plans in place, and you know it’s unlikely their inheritance will be eaten away in tax.

Here are the things you should discuss.

What happens to your wealth and belongings?

• You need a list of all your accounts, assets and any other valuables and tell people where to find it.
• A current up to date will instructing what you want to happen to your wealth and belongings.
• Understanding where your super will go.
• Who will go through your stuff? Who will get the family heirloom?
• Who has a copy of the will? Where will they find it?

What happens if you get sick?

• Do you want to be cared for at home?
• What’s your care plan? Who do you want to look after you?
• What’s your limit? When do you want a DNR to be actioned?
• Who do you trust to make decisions for you? Manage your money?

What happens if you die?

• Do you want to be buried or cremated?
• What type of coffin do you want?
• Are you religious? Do you want a traditional service? Something else?
• What’s the vibe? Music? Food? Location?
• What about your digital footprint?

Can you leave a legacy?

• What charities are close to your heart?
• Does your will include them?

Love can be your legacy

Being clear about your wishes and leaving clear instructions for your loved ones is an act of love.

Your last gift to them.

Having the conversation is your first step in Estate Planning.  The next is to plan the transfer of wealth so it’s handled in the most tax efficient way.