If you were to be run over by the proverbial bus tomorrow, would your grieving family be forced to suffer even more because of tricky financial issues?
Estate planning can be as simple or as complex as your portfolio of investments and assets. But with a little thought and care, you can ensure that your family or other beneficiaries are not left with a mess to deal with.
Here are three things you can do right now to start getting your affairs in order.
1. WRITE A WILL
This is the easiest step but the most overlooked. An estimated 50 per cent of Australians die without a Will, which may create a problem for loved ones left behind.
Without a Will, your assets will be distributed based on the laws of the state or territory you live in and may go to family members you are estranged from.
If you jointly own a business, a Will is crucial. In fact, all partners should ensure that each has a Will so that the business can continue if one partner dies. A Will is also vital if you are the sole director and shareholder of a business. Without it, your family may be tied up in legal wrangles to take control of the business or, if there are no close family members, the Public Trustee may take control. Either way, it’s likely the business will be forced to close until the legal issues are resolved.
Once completed, keep your Will up to date. A quick review every year or two will ensure that there are no surprises after you’ve gone.
2. THINK ABOUT LIFE INSURANCE
Life insurance helps to provide financial security for your family when something happens to you. For example, it could pay out an existing mortgage on the family home or take care of other debt.
Death and disability insurance cover can be purchased through your superannuation fund and is sometimes provided by default, for a fee. There are advantages for some people to buy life insurance through their super fund, but for others there can be disadvantages. Your financial planner can advise the best course of action for your circumstances.
3. Invest In Real Estate before you go
Real estate is one of the best investment you can think of especially in a peaceful, quite and serenne environment. In doing this, you can guarrantee transgenerational wealth to your children after you are gone.
We consider this very paramount, that is why our estates are located in Asaba, Delta State. One of the fastest growing cities in Nigeria.
Invest with us today and be less assured that the future of your children’s children as well as family members is safe and secured.