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An early New Year’s Resolution – “I need to get My Estate Planning sorted”

Categories: Wealth Creation
4 December 2018

Here’s a few interesting statistics:

  • About 46% of Australians don’t have Wills or any form of Estate Planning – but 100% of people we talk to recognise its importance and say it is something they know they must do.
  • Sadly, of the 54% who have Wills about half of those Wills are completely or partially invalid causing serious problems, delay and expense.
  • 34 working age Australians die every day and 17 of them are parents.
  • Only 8% of people who make a New Year’s resolution succeed.

Estate Planning involves much more than just doing a Will.  Before you even start to draft any Estate Planning documents, we recommend you:

  • Take stock of your assets
  • Identify any potential risks and how you might want to mitigate them
  • Understand the taxation implications on your death
  • Understand your superannuation and life insurances

Once you’ve established this information then the Estate Planning process can begin. A basic suite of Estate Planning documents will include:

  • a valid Will
  • an Enduring Power of Attorney
  • an Enduring Power of Guardianship

When this has been documented you can then consider your Will in combination with

  • family trust and /or company succession and management
  • superannuation benefits
  • special family dynamics

A complete Estate Plan would include two other documents:

  • A Crisis Management Plan to be put into place upon your death which provides instructions for your family and the Executor of your estate
  • The Information that Matters document that details important personal and family information not contained in your will.

Our proven Estate Planning for Life program, which is project managed by one of the Directors at Kensington Partners, makes the preparation of your estate plans easy. Regardless of how complex your needs are, we guide you through the whole Estate Planning process which includes engaging one of our trusted legal partners to draft all the legal documents you will need.

Study has shown that more people achieve their goals in the new year when they take some action in December. So why not flip the statistics on it’s head and call us soon to discuss?

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