Thinking about estate planning and drawing up a will is an uncomfortable topic for many people, but it’s a really important step in ensuring that your family is secure, and your wishes are carried out in full. If you think you’re still too young to even bother thinking about your estate or to have a will at all, well, there’s a few reasons you might want to reconsider your stance.
Firstly, let’s consider what an estate plan covers. Typically, this plan is comprised of a set of documents – only one of which is your will. The aim of an estate plan is to clearly set out your wishes in a manner that is often legally binding; this ensures that your requests will be carried out. Your plan might include a will; a power of attorney or guardianship, in case of incapacity; an advance care directive, if you cannot make medical decisions for yourself; and any binding nominations on your superannuation funds. This package of documents should cover all potential situations you may find yourself in, and offer a clear set of instructions for your medical and financial care.
In the event of your death, an up-to-date Will sets out how your estate should be distributed, and what your legacy will look like. This includes details such as distribution of financial assets, guardianship of any minor children, charitable donations and bequests, set-up of trusts, and funeral and burial plans. Drawing up a will can be done by a solicitor; this is probably the most common method, and the most secure. It’s important that a will is completed correctly to ensure it is judged as valid and less likely to be subject to dispute.
You may find yourself without a solicitor, or without a solicitor with strong experience in estate planning. Halkin Business Partners has a solid and wide-reaching network of professionals who can tailor an estate plan to your financial circumstances, ensuring your final wishes are firmly defined and legally watertight.
If your financial situation is complex, and includes multiple beneficiaries, trusts of any sort, or financial power-of-attorney, you may want to consider speaking with a financial adviser to be clear on the most advantageous way to set up your estate for its beneficiaries.
How can Halkin Business Partners help?
If you’re not sure where to start to find a solicitor who specialises in estate planning, Halkin Business Partners can help. Our consultants will guide you through the process with a solicitor well versed in estate planning, specific to your individual circumstances. Let us take the stress out of the process, leaving you confident that your wishes will be honoured and your loved ones provided for according to your guidance. For more information Click here.