Are you getting bogged down?

Many people put Estate Planning in the too hard basket because there are too many things to think about. You don't have to get bogged down in details like who gets what because when the time comes, you might not even have those things.

A good Estate Plan covers changes in what you own now and how this might change over the course of time.

So what do you need to consider?

  1. Your Executor - whether you need one, two or more and maybe a backup plan.

  2. Guardian of your minor children.

  3. Who you want to look after with your Estate and whether the added protection of Testamentary trusts is beneficial.

  4. Who should be your Power of Attorney.

  5. Who to appoint as your Enduring Guardian.

These considerations change over time too, and so Estate Plans need to be reviewed on a regular basis, every two to five years or when major events occur such as children becoming adults, marriage in the family, divorce in the family. Friendships changing. Personal needs changing. Review doesn't mean update, just checking to see that your Estate Plan is still relevant and reflects your wishes.

It is easy to get bogged down in how to distribute what you own right now but this will likely change over time. It is more important to have an Estate Plan that is flexible, considers the people you care about, and best looks after their needs and your assets.

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Estate Planning - Estate Planning, a guide to creating wills in NSW

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What is a Will and who are the major players?