The VJC Wealth Team have conducted an informal study and concluded that;

  1. If you complete your Will and other estate planning documents
  2. You will Sleep better at night 🙂

Life is unpredictable, we don’t know what will happen tomorrow and you do not want to:

  1. Become injured or terribly sick, OR
  2. Pass away,

Without a Will and other estate planning documents.

 

If you allow yourself to be in this position it will very likely affect both;

  1. Your care and
  2. The ability of those closest to you to care and assist you.

Your estate plan is essential to ensure your assets are managed smoothly and in accordance to your wishes.

 

Some interesting observations from our experiences at VJC with clients delaying getting a will:

  1. My family will do the right thing, this fails to consider that:
  • The right thing for one person is different to another, if you would like to ensure your wishes occur or you prefer to maximize your beneficiaries outcomes then you need to act.
  1. Wills are challenged all the time, this is less likely if:
  • Your engage professional advice and use an estate planning lawyer.
  • Don’t do it yourself via a Will kit online. Inevitably this DIY approach is why matters end up with the lawyers, errors in the document and the interpretation of the law are what is challenged.
  1. The Estate plan is not just for when you have passed away, it is also for when you have lost capacity to act for yourself!
  • This could be a serious accident leaving you in a coma or you may lose mental capacity etc.
  1. They are too busy managing their lifestyle and wealth and trying to pay less tax, not realising;
  • The estate plan is the opportunity to leave your assets in a tax efficient and protected way!
  1. They just do not know if they can achieve what they want so they don t deal with it at all??? It is better to ask a professional:
  • There are many things you can do to reduce the possibility of your estate going to wrong people.
  • You can reduce taxes.
  • You can consider and prepare for contingencies like a divorce, your partner remarrying etc.

VJC – your wealth coach

  • We provide advice in relation to YOUR Estate Plan.
  • We will refer you to an Estate lawyer to complete the process and ensure the correct legal advice is obtained.
  • As part of our ongoing advice and services process, we recommend that our clients regularly have “Wills check-up”, general guideline estate planning documents should be reviewed:
  1. every 3-5 years OR
  2. if there has been any significant change in the law and/or your circumstances.

For further assistance Contact VJC.

Watch our next blog regarding “Testamentary trust”

VJC– your wealth coach General Advice warning: the information in this article is general in nature, it is not advice specific to your needs. If you want to act upon the information in this article then you should seek advice from a qualified professional. VJC WM accepts no liability to any party for acting from this information unless they have sought advice in a formal engagement with VJC WM for this purpose.