Wills and estate planning-what’s in it for me?
Like it or not we all need to plan for the challenges life throws our way and for just plain bad luck; especially if we have family and business responsibilities.
Test yourself. Do any of the following questions worry you?
- If you or your life partner become incapable of looking after your affairs who will take over? Are you happy about the possibility of it being a government official or other stranger? Have you selected your partner or a trusted relative or friend and given them directions about how they might do so?
- Do you want to protect your loved ones from paying legally avoidable tax and stamp duty on your estate? And do you wish the assets you leave them to be protected from claims by creditors or even from a divorcing spouse?
- If you’re in business, do you have insurance or other funding to pay out the representatives of a partner who dies or is permanently incapacitated and provisions to ensure that the outgoing partners relatives do not have a say in managing or shutting down the business?
Estate planning is more than just making a DIY will. and the above are only a smidgen of examples to show that, in all probability, there is something in it for you and your loved ones, not the least of which is peace of mind.