Estate Planning Tips to Protect Your Family and Assets

Rede Accountants Gold Coast, Brisbane & Toowoomba

Estate planning is an important part of your life planning.
Some may wish to rule over their family from the grave, but the clever planners don’t wish to tear their family apart.

All too often we have seen money, or the promise of money, change the dynamic and relationship between siblings. Unfortunately today there is a prevalence of lawyers all too ready to assist aggrieved parties in challenging the will and the worst part is, the Estate has to pay their legal fees!!

So some golden tips:

• Start the conversation early
• Let loved ones know what’s in store and how you plan to divide your estate
• Manage expectations and potential areas of conflict
• If there is a family business, discuss the succession
• Choose your executor carefully
• Consider the legal grunt work and the emotional issues and who is best to handle them
• Play by the rules
• Have clear and legally binding paperwork
• An up to date will, power of attorney, superannuation and insurance beneficiary nominations
• Get your files in order
• Consolidate your banking, superannuation, insurance and investment details
• Contact details for your advisors
• Store in a safe and easily accessible place
• Provide clear instructions
• Get sound legal advice in drafting you will, and be specific in your directions
• A letter of wishes can be very helpful to executors and beneficiaries
• Avoid playing favourites
• Make your estate fair for everyone involved
• Aim to leave a cohesive and loving family

For more information and advice on your Estate Planning contact our office here.