If you don't have a plan for your estate, don't panic ... it's not too late to start now! Preparing an estate can raise uncomfortable questions and is tempting to put off. However, if you don't plan for your estate your wishes may not be clear, your estate may flow in unintended directions, excess taxes may result and family rifts may even occur. Just do it!
Do's
- Do seek advice and get your will professionally drafted by an estate planning specialist.
- Do consider whether your asset base is sufficient to keep your family comfortable.
- Do consider the use of testamentary trusts for asset protection, family protection and tax purposes.
- Do give a good deal of thought to who you would want as your executor (and trustee of your testamentary trust/s) and ensure that they are willing to accept the role.
- Do ensure that you have an up to date list of your assets and liabilities.
- Do understand the consequences of dying “intestate” (that is without a valid or complete will).
- Do speak to your advisers to see whether your current arrangements are sufficient.
Don’ts
- Don’t keep putting it off.
- Don’t think that everything will be OK and that someone (who is probably heavily grieving) can sort it out.
- Don’t think that using a will kit and DIY estate planning is sufficient.
- Don’t leave your family in a position where they are forced to sell assets to survive, as this will add to the pain of losing a lost one.
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