Estate Planning
Estate Planning is a developing strategy to deal with your assets after you die, estate planning lets you decide your future. In the event of the death, assets will be distributed amongst the beneficiaries of your estate. To protect yourself and your loved ones, its essential to start planning your estate, therefore there is a checklist to ensure you are totally covered.
What is estate planning?
Estate planning let you prepared tasks that manage your assets when you pass away or lose capacity to have a control of them. Planning your estate includes preparing a will, choosing an adviser or executor to handle funeral arrangements, setting up a trust and many more. An estate plan should first generate wealth and then quarantine assets to make sure that hey remain available for distribution. However, advisor will work closely with you to project manage an estate plan adapted specifically to your needs.
What does estate planning involve?
Estate planning involves establishing how distribute and manage the assets after the passing away, it will include your enduring power of attorney and advance care directive if you lose of capacity. Assets that typically include cars, shares, property, life insurance, superannuation, pensions and debt.
Short list of estate planning checklist
• Make a list of your physical assets, this list can include houses, cars, possessions and more.
• Make a list of non-physical assets, it can be shares, superannuation, cryptocurrency life insurance, bank accounts and more, this should be listed as well on the will as they don’t automatically become protective by your will.
• A list of any current debts, any current debts that are left behind the executor will use assets to pay down any debt. Also, Will should be updated if any debts have been paid down.
• Identify any organisations or members you have, this is only if you are part of any organisation or have any memberships, as in this case, some organisations may have some accidental life insurance that beneficiaries may be eligible to claim.
• Make copies of your lists, complete the lists of physical and non-physical assets, this is for executor to keep the list in the event of pass away before updating Will.
• Choose your beneficiaries, if there is no list of beneficiaries are listed in the estate, the court will typically start with the next of kin and the follow a line of family and loved ones.
• Write your Will, weather you are young or old is it never a too late to write up your Will, it not only safeguards your wishes, but it protects your loved ones. The Will should identify how it should be distributed, any dependants, guardians for children and also what will have with any pets.
• Keep your Will up-to-date, after passing away, the last valid Will be the one used in the court, which is why is important to make sure keep your Will up to date.
Feel free to contact Lana and her team at Matovic Business Accountants if you would like to discuss your business’ accounting and bookkeeping needs.
Email us at info@matovicaccounting.com.au or call (07) 3557 5721
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