What is an estate?
What everybody should consider, but no one wants to think about it!
Do you care enough for your family and loved ones? Are you worried about what will happen if you become incapacitated, or pass on? Well, if the answer to the above questions is yes, then you should plan your estate properly.
Yes, you have an “estate”! Nearly everyone does. It can comprise of your car, home, other real estate, superannuation, savings, investments, life insurance, furniture, personal possessions. It doesn’t matter on the size of the estate there is one certainty, that you can’t take it with you when you die. Estate planning ensures peace of mind, that upon your demise, your heirs, or others you care about, receive the most out of all that you have worked so hard to accumulate, and not the tax man.
You keep talking about saving for your children’s education, buying a home or when to retire with your family and friends, but have you ever stopped to think of what will happen to your estate once you die? Avoiding this will not stop death from happening, and it shouldn’t be because it’s a vital financial plan.
At some point, your estate will have to be put in order, so would you rather do it or leave it to somebody else? No matter how much your net worth is, an estate plan is really important. With the increase of blended families, estate planning has become even more important for those with complex family structures.