Estate planning ensures that after you pass, your possessions – the things that make up your estate – are distributed correctly to whomever you choose. You might think you’re not wealthy enough to warrant an estate plan, but with other considerations, like loss of capacity, children, assets, and financial security, you will quickly realise that estate planning is for everyone, regardless of wealth.
Estate planning is more comprehensive than a Will. Your Will is just one component of an estate plan, albeit an incredibly important part. A Will, however, is only applicable to assets you own at your time of death. Therefore, accurate and comprehensive estate planning involves a variety of components, some of which we list below. Each estate plan is customised, so when you speak to Bruce Edmunds, we will offer you completely tailor-made guidance and advice.
An estate plan can be made up of:
- Your Will
- Superannuation funds
- Power of attorney arrangements
- Guardianship arrangements
Other factors influencing your estate planning include your estate’s size, insurance policies and outstanding debts.