There are so many people who don’t think about the future plans but you should try to have financially secure future for you and your loved ones after your retirement or after your death. None of us think what would happen with our family members or close ones when we pass away but perfect estate planning may help a lot. Your estate is made up of what you own such as investments, property, cheque accounts, savings, furniture, life insurance, car, superannuation and much more. It also includes any kind of asset you want to pass to charities, people and many other organizations.
Here is a checklist that helps ensure you have got everything covered in Estate plan:
Make a Will
You should make a will and keep it updated. If you don’t have will, your assets would be distributed as per the state laws. It means your asset will not pass to those people whom you want to pass it. For example, if an individual has blended family then his/her will give him/her an assurance that the assets will be distributed among stepchildren and children as per your wish. But if you don’t have will, it may be distributed as per state laws. A perfect Estate planning solutions help you decide who will get your assets after your death and who will take care of your children.
Life insurance outside super
Some policies let you nominate who should get the benefit if you pass away. There can be many parties involve in these kinds of life insurance policies include policy owner, life insured, beneficiary and the person paying premium.
Power of attorney
It allows you to appoint a person who can act as an agent in various situations like money withdrawal from bank, making a trade and respond to various tax enquiries. This can be the important part of your business planning and estate planning.
Sound Estate Planning Ltd is the best law firm that helps you in planning your asset planning, business planning, estate planning and more. It helps manage all your financial affairs and assets.