We get back to basics in my latest BLOG post to chat all about What is an Estate Plan, and why you absolutely need one!

If you enjoyed this video you might like my other blog posts:

When should you review your estate plan: https://www.taralucke.com.au/when-should-you-review-your-estate-plan/

Is a DIY will good enough?:  https://www.taralucke.com.au/is-a-post-office-will-good-enough/

Why your family needs to know where your estate planning documents are stored: https://www.taralucke.com.au/estate-planning-documents/

Transcript

What is an estate plan, and why is it so important?

So an estate plan is all about getting peace of mind that the wealth you accumulate during your lifetime passes in accordance with your legacy goals.

It can be in the form of a will, a power of attorney, even super nominations.

So it’s about getting certainty that your wishes are fulfilled.

And Tim, what a lot of people don’t know is that even if they don’t actually have a will, they do have an estate plan. Everybody in Australia has an estate plan because the government gives us one.

But the government plan may not actually be the best plan for you and it may not achieve your goals. So I always encourage people to go off and get a will made so that you can decide where your assets go if you do pass away.

And also for a power of attorney – so that applies even while you’re alive but if you can’t look after yourself or make financial decisions. So when you’re in such a vulnerable state, why not take control and appoint the people that you want to look after your affairs and make those decisions for you?

I think what Tara’s saying here is we work hard with you to help you achieve your goals so when some of these situations are required, like a power of attorney or a will, why wouldn’t you want your goals still to play out? Of course you would want that. So thanks Tara. That’s great. See you soon.

 

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