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Having an effective estate plan means that a person’s wishes regarding their health and assets are followed in the event they become incapacitated or die. But do you know what items will form part of your estate? If you do have a Will, does it adequately record your wishes?
It’s imperative that the planning of a person’s estate is addressed diligently.
A person’s estate can include financial assets, life insurance, superannuation, real estate, businesses, companies, cars, personal belongings and debts.
An estate plan usually includes a person’s Will and documents to govern how that person will be cared for (medically and financially) if they become unable to make their own decisions in the future. Although there are many reasons why a person should have an estate plan, the top five reasons are to:
One of the most important documents in estate planning is a person’s Will, which generally sets out:
If a person passes away without a Will:
It’s important to be aware that some assets may not form part of a Will and an appropriate succession plan for the following assets should be put in place:
A comprehensive estate plan, which assists where a person becomes incapacitated, also includes:
Further information / assistance regarding the issues raised in this article is available from the authors, Fiona Nelson, Partner and Tina Kealy, Associate, or your usual contact at Moray & Agnew.