Think estate planning is just for the rich and famous – think again. It’s for anyone who wants to ensure a legacy for their loved ones so there’s no better time than now to get started. And, once it’s done, you’ll have the peace of mind that everything’s sorted.
Here’s a simple step-by-step guide to get you rolling.
1. Take stock of your treasures
First things first, list out everything you own—from your house and bank accounts to that collection of rare vinyl records or your beloved vintage car. Knowing what you’ve got makes it easier to decide who gets what.
2. Dream big (and practical)
Picture what you want for your family, friends, and maybe even your favourite charity. Do you want to leave a gift for your grandkids’ education or set aside funds for a pet? Map out your wishes so they’re crystal clear.
3. Pick your dream team
Choose reliable people to help carry out your plans. You’ll need an executor to handle the estate, a lasting power of attorney to manage your finances if needed, and a healthcare proxy to make medical choices if you can’t.
4. Get the paperwork party started
- Will: This is where you say who gets what and name guardians for any little ones.
- Trusts: Think of trusts as VIP passes for your assets—they skip the probate line and can even cut down on taxes.
- Advance directives: These spell out your medical preferences and let someone step in if decisions need to be made.
- Power of attorney: Let someone you trust handle your finances if you’re out of commission.
5. Update those beneficiary lists
Double-check the beneficiaries on your accounts and insurance policies. Make sure everything still lines up with your master plan.
Make sure your future is figured out
When it comes to estate planning you deserve peace of mind. We’ll help you start the right conversations today, so your family’s tomorrow is as clear and stress-free as possible.
6. Tackle the tax monster
No one loves taxes, but you can outsmart them. A financial adviser or estate planner can help you find ways to reduce taxes and keep more of your money where you want it.
7. Keep things fresh
Life changes, and so should your estate plan. New baby? Bought a yacht? Make updates as your life evolves to keep everything current.
8. Have “the talk”
We know, it’s not the easiest chat. But giving your family a heads-up can avoid confusion later. Lay it all out, and you’ll thank yourself later.
9. Call in the pros
Don’t go it alone—estate planning can be tricky. Bring in an estate solicitor or financial planner to make sure everything’s by the book.
10. Organize your important documents
Whether you prefer to keep your files in a shoebox, or in the cloud, what’s important is collecting all of your wishes in one place – and making sure your loved ones know how to access it.
Creating an estate plan might not sound like the most exciting thing on your to-do list, but think of it as your way of crafting a legacy and making life easier for your loved ones.
Are you ready to get on track for your future?
Come in and speak to one of our advisors today.
Note The information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This material is for informational and educational purposes and it is not intended to provide specific advice including, without limitation, investment, financial, tax or similar matters. The views expressed are those of the author and not necessarily those of Aviso Wealth.
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