A bulletproof estate plan should be the first thing you need to make when you are thinking of buying an estate. Making a smart and solid estate plan for your valuable asset ensures that all your property and assets go to your loved ones’ possession if something happens to you. Estate planning doesn’t have to be critical or problematic. It’s so simple that you can even create a plan regarding your estate planning. Let’s take a look at the steps of super annuation and estate planning Glenroy.
Creating A Will
Estate planning basics start with you making a will. Without a will, you can’t go ahead with estate planning. If you die without a will, the government can take the change to distribute your assets according to your state’s or country’s law. Your family will benefit nothing if you don’t make a will. So, the first step is quite essential. Keep in mind whom you want to add in your will and place their names accordingly.
Include Your Minor Children
If you have minor children, you can use your will to include a guardian for them after both you and the other parent die. It’s crucial to remember that your minor children would also need someone to handle the properties and assets. Having a legal guardian for financial matters is a suitable option.
Making A Power of Attorney Is Important
POA or power, or a power of attorney is a legal procedure that gives your chosen person the authority to decide on your behalf. Having a power of attorney to handle health care and finances is very important. This can be the same person, but you can choose different people if you want.
Consider A Living Trust
A living trust is a written legal document. Using this document, your assets are placed into a trust for your benefit while you are still alive. After your death, your assets get transferred to preferred beneficiaries at your death by your chosen representative, aka successor trustee. With living trusts, the property contained in them doesn’t need probation or scrutiny. They are easily transferred to the beneficiaries of your choice. This means fewer hassles and more savings for the family.
Choose A Life Insurance Policy
Life insurance is needed for everyone nowadays. It acts as a guarantee of a secure future even after your death. You may also want to get your life insurance if you have to pay a large amount of debt or taxes. This would help your heirs still receive the assets without using portions for paying the debts.
Address Estate Tax Obligations
Considering that you have probably heard statements about the estate tax, and scared you a little. But the truth is that majority of estates won’t owe any federal estate tax. This is because the only estate worth over $5 million or so are subject to the estate taxes. If you still fall near the number, you should make sure your bases are covered.
Superannuation and Estate Planning, Brunswick West
These are the most crucial steps to consider when you are making an estate plan. If you are still feeling anxious and find planning yourself is a hassle, you can look for agencies that do super annuation and estate planning at Brunswick West.