Estate Planning - Why It’s a Must-Have, Not a Maybe
Let’s be honest, estate planning isn’t exactly a thrilling Friday night topic. But, trust us, it’s way more exciting than the alternative: legal messes, family disputes, and government red tape.
Whether you own a mansion in Sydney or a cozy little unit in the suburbs, or a stash of Bitcoin you keep forgetting the password to, having your estate planning documents in order is an absolute must. Here’s why you need to get onto it ASAP!
1.Wills: Your Golden Ticket to Peace of Mind
Without a valid will, your assets could be distributed in ways you never intended. The law decides who gets what, and let’s be real—you probably don’t want Uncle Bob (who you haven’t seen in 15 years) walking away with your hard-earned assets. Drafting a will ensures your wishes are honoured and your loved ones are looked after.
2.Enduring Power of Attorney: Who’s Got Your Back?
If something happens and you’re unable to manage your finances, an Enduring Power of Attorney (EPOA) allows a trusted person to step in. No EPOA? Expect delays, legal fees, and potentially the wrong person making decisions for you. If you do not have a Power of Attorney in place, the NSW Trustee & Guardian can be appointed to make financial decisions on your behalf.
3.Enduring Guardianship: Healthcare Decisions, Your Way
Your health is your business. An Enduring Guardian can make medical and lifestyle decisions on your behalf if you’re unable to do so. Without one, decisions could be left in the hands of someone who doesn’t truly understand your wishes.
4.Binding Death Benefit Nomination: Super Important!
Superannuation doesn’t automatically go to your estate. A Binding Death Benefit Nomination ensures your super goes directly to your chosen beneficiaries. Otherwise, it could end up in the wrong hands—or in a lengthy legal battle.
5.Minimising Family Feuds
A solid estate plan = fewer family squabbles. The clearer your wishes, the less room there is for drama and disputes. Think of it as saving your family from a future reality TV-style inheritance battle.
Time to Get It Sorted!
Estate planning isn’t just for the wealthy or the elderly—it’s for everyone. Life is unpredictable, and having these documents in place gives you and your loved ones certainty and security. And if you own shares, crypto, or that rare Pokémon card collection, you’ll want to make sure they go to the right people (and not into the void).
So, grab a coffee, chat with a lawyer, and tick this off your to-do list. Future-you (and your family) will thank you!
Need help? Let’s get planning!
