7 Minute Wisdom

What a load of rubbish, yet so many people think (or have been convinced by their accountant) they can do everything for them and do it well….

Don’t fall for that control issue accountant have. In my experience, when an accountant says leave it to me, it never gets done - or it get done basically by a GP.

Your future is too important for that to happen. It needs to be fixed by specialists now.

A good plan is created by a team of specialists - financial, taxation, legal, risk, retirement needs and so on.

So whilst you may have a legal document, it is important you have someone who co-ordinates the specialists - a facilitator.

Plus, after someone passes, there are so many human elements which need considering. Where to be buried or cremated, songs for the service, who will give the eulogy etc, what they should do, how to keep the business running + all the things left unsaid?

How have you planned to pass those thoughts on to ensure all left behind are not already squabbling?

7 Minute Will Myth #3 - As long as I have a legal will, it will all work itself out.

7 Minute Will Myth #4 - I just need one person as my executor.

7 Minute Will Myth #5 - It’s best I wait until ______, then I’ll get it all done.

I don't need to have a Testamentary Trust option in my Will! 7 Minute Will Myth #6

Everything I own will pass through my Will. 7 Minute Will Myth #8

I've re-partnered but I don't need to change my Will yet. 7 Minute Will Myth #7

Once its done I can just stick it in the drawer. 7 Minute Will Myth #9

If one child of a family contributes to a family business (therefore growth of an estate), but other siblings choose not to be involved, how can this be clinically measured when it comes to preparing your Will and Legacy Plan? What factors are there to be considered?

Sadly, in situations where advisers, accountants, solicitors, or other facilitators are required to work together, it can be an all too common issue that someone's ego stands in the way of a great outcome for the client.

Contested Wills are becoming more and more common, resulting sadly in families being torn apart and significant legal costs. What steps can be taken to protect your estate and your beneficiaries?

When it comes to Estate Planning and drafting a Will, why is it that so many people procrastinate or wait for the perfect situation before getting started? Tragically this habit and attitude can lead to a messy situation if you pass before getting your plan sorted.

The greatest danger in estate planning could be the fact that you simply don't know what you don't know. Could there be something missing from the advice you have received? A thorough, detailed discovery questionnaire is essential to eliminate potential issues.

Children with special needs often require specific planning and individual arrangements when it comes to preparing your Will and Legacy Plan. Not only as to who will provide the ongoing care, but primarily in many cases the need for adequate finance for the child's care is the greatest issue.

A real issue in many families which people often do not wish to admit or discuss could be a family member or beneficiary with a substance or behavioural addiction. These condition might prevent them for managing their inheritance effectively and as you really intended.

For those left behind when you are gone. An often very emotional but clear and concise letter to your spouse, children or others offering advice on the financial position, what to do next and who to trust.

With blended families becoming more and more common, we are often asked how to provide for step siblings in a way that is fair to all beneficiaries.

There are mixed opinions about whether Testamentary Trusts are worth the cost and effort to set up. Tom explains the benefits and how they offer greater control and protection of your estate from potential relationship breakdown, bankruptcy and tax.

Many people believe an up to date Will is all that is required for their Estate Plan. Realistically a Will is just the start, just the foundation. Tom discusses what else is required even for those who have apparently simple structures.

Sadly we have seen many cases when failing to make simple updates to your Will and Estate documents can lead to disaster. When was the last time you reviewed your personal and business documents? What events have transpired that are relevant to your Estate Plan?

Don’t leave a puzzle for your family to work with after you have gone. Leave clues and documented information that is concise and clear for your loved ones to manage.

Business partnerships begin with the best of intentions and positive outlook. However, if the partnership breaks down or if one partner suddenly passes, this can often lead to an unqualified beneficiary becoming involved. Effective planning is essential to protect your years of hard work and success.

Your family home, your life insurance policies, your superannuation. Some of the most valuable assets that contribute to your estate. Don’t let them be passed down to the wrong beneficiary because of an oversight or misunderstanding of the terms.

Estate Planning, it’s more than just completing your Will. Beneath the surface there can be a lot of factors that could lead to potential dangers or a negative impact on your legacy intent. Trust in the people who are experts in this field and allow them to secure your situation.

Estate Planning, it's not just the hard facts and figures. More valuable are the emotional facts—those which you draw from your heart. The instructions you leave behind that will help your family when they are grief stricken with your loss.

It is important to understand the roles and responsbilities of those you choose to have as part of your Estate Planning Team. Power of Attorney, Enduring Power of Attorney, Advanced Health Directive. Understanding these duties and making some thoughtful decisions now regarding your financial and health outcomes will prevent a lot of stress and strain for your loved ones at the time.

A lot of people struggle to choose the people who they want to ultimately represent them on their passing. A family member will have your best intentions at heart, and someone with business and professional experience will be valuable for key decision making.

7 Minute Will Myth #1

A solicitor is all you need with your estate plan?

Absolutely not!! A good plan is created by a team of specialists - financial, taxation, legal, risk, retirement needs and so on.

So whilst you may have a legal document, it is important you have someone who co-ordinates the specialists - a facilitator.

Plus, after someone passes, there are so many human elements which need considering. Where to be buried or cremated, songs for the service, who will give the eulogy etc, what they should do, how to keep the business running + all the things left unsaid?

How have you planned to pass those thoughts on to ensure all left behind are not already squabbling?