Over the last few years, we’ve seen a growing interest in our clients starting to think about their estate planning and the general succession of assets and businesses.
We know that estate planning may feel overwhelming, and a problem that always ends up in the ‘For later’ category. But it doesn’t have to be that way.
There are some simple things that you can action now to start your overall estate plan.
Start your estate planning with Enduring Power of Attorney
We strongly believe that the best time to start your estate planning is now, while you’re fit, competent, and able. Don’t leave it until your situation changes for the worse.
The easiest way to safeguard your financial affairs is by appointing a spouse, relative, or close associate with your Enduring Power of Attorney (EPOA). This enables your nominated EPOA to act on your behalf if you become sick, are quarantined for a long time, or become incapable of managing your financial or health affairs.
At Accura Accounting we partner with lawyers and specialist estate planning advisers, Abbott & Mourly, to help you complete the necessary EPOA paperwork. Together, we help you get peace of mind that your financial affairs are in good hands.
As a business owner or investor using a Company, it’s vital that you have an EPOA and the appropriate Resolution prepared, signed, and ready to go. This ensures a replacement Director can instantly be appointed to run your business or manage your investments in the event of incapacity or death.
Be prepared for the future with an up-to-date Will
As well as an EPOA, the other important safeguard you can put in place now is to draft a comprehensive Will. One for yourself, and also for your closest loved ones.
Or if you already have one, when was the last time it was updated? Make sure to revisit your Will if you haven’t updated it in the last two years.
The Wills that will be built for you offer the unique option of limiting any asset distribution to your bloodline only. This means it’s not just your assets that are protected: this also protects your family wealth.
We see so many families have neither document prepared, instead relying on the Courts to solve these issues.
We don’t want you to wait until it’s too late, there are simple steps you can take to start your estate planning today.
It can be a simple process—you just need to get your EPOA and Executors right
The person or people who you nominate as your EPOA/s can also be the Executor/s of your Will. This helps to ensure safety, certainty, security, and continuity.
The person or people you choose will look after your financial, health, and superannuation affairs in the event of an illness—or anxiety, should you so choose. As Executor, they’ll be tasked with looking after your estate upon your death and managing any of your specific gifts. This can include property going to one or more family members, jewellery going to your grandchildren—anything you want, really. It’s all about what your plan states.
They can also limit any disposition of your estate to your lineage only—so your direct descendants—or to bloodline only, which may include brothers and sisters, if a main or specific beneficiary is no longer alive.
The importance of building a line of EPOAs and Executors
Our law partners, Abbott & Mourly Lawyers, advise that you should provide a successor EPOA and Executor. This ensures that you’re still covered when the time comes, but when the person or people you appointed can’t—or aren’t willing to—take up the role you’ve endowed upon them.
It doesn’t hurt to have a second successor EPOA and Executor.
After all, safety, certainty, and security are paramount. If something happens, we want to make sure your family are looked after quickly, and effectively.
Here’s how to get started on your estate planning
There’s no time to waste: it’s time to start moving on your estate planning.
The relief of getting these documents completed will take a lot of the weight off your shoulders, and you’ll be able to take confidence that you and your family’s financial future is secure.
All you need to do is complete a Data Capture Form, send it back to us at email@example.com, and we can get the ball rolling and help you protect your family wealth, so you can keep it in your bloodline.
We look forward to hearing from you soon.