Why getting this sorted is important for rural families.
What a load of rubbish, yet so many people think (or have been convinced by their accountant) they can do everything for them and do it well….
Don’t fall for that control issue accountant have. In my experience, when an accountant says leave it to me, it never gets done - or it get done basically by a GP.
Your future is too important for that to happen. It needs to be fixed by specialists now.
A good plan is created by a team of specialists - financial, taxation, legal, risk, retirement needs and so on.
So whilst you may have a legal document, it is important you have someone who co-ordinates the specialists - a facilitator.
Plus, after someone passes, there are so many human elements which need considering. Where to be buried or cremated, songs for the service, who will give the eulogy etc, what they should do, how to keep the business running + all the things left unsaid?
How have you planned to pass those thoughts on to ensure all left behind are not already squabbling?
7 Minute Will Myth #3 - As long as I have a legal will, it will all work itself out.
7 Minute Will Myth #4 - I just need one person as my executor.
7 Minute Will Myth #5 - It’s best I wait until ______, then I’ll get it all done.
I don't need to have a Testamentary Trust option in my Will! 7 Minute Will Myth #6
Everything I own will pass through my Will. 7 Minute Will Myth #8
I've re-partnered but I don't need to change my Will yet. 7 Minute Will Myth #7
Once its done I can just stick it in the drawer. 7 Minute Will Myth #9
If one child of a family contributes to a family business (therefore growth of an estate), but other siblings choose not to be involved, how can this be clinically measured when it comes to preparing your Will and Legacy Plan? What factors are there to be considered?
Sadly, in situations where advisers, accountants, solicitors, or other facilitators are required to work together, it can be an all too common issue that someone's ego stands in the way of a great outcome for the client.
Contested Wills are becoming more and more common, resulting sadly in families being torn apart and significant legal costs. What steps can be taken to protect your estate and your beneficiaries?
When it comes to Estate Planning and drafting a Will, why is it that so many people procrastinate or wait for the perfect situation before getting started? Tragically this habit and attitude can lead to a messy situation if you pass before getting your plan sorted.
The greatest danger in estate planning could be the fact that you simply don't know what you don't know. Could there be something missing from the advice you have received? A thorough, detailed discovery questionnaire is essential to eliminate potential issues.
Children with special needs often require specific planning and individual arrangements when it comes to preparing your Will and Legacy Plan. Not only as to who will provide the ongoing care, but primarily in many cases the need for adequate finance for the child's care is the greatest issue.
A real issue in many families which people often do not wish to admit or discuss could be a family member or beneficiary with a substance or behavioural addiction. These condition might prevent them for managing their inheritance effectively and as you really intended.
For those left behind when you are gone. An often very emotional but clear and concise letter to your spouse, children or others offering advice on the financial position, what to do next and who to trust.
With blended families becoming more and more common, we are often asked how to provide for step siblings in a way that is fair to all beneficiaries.
There are mixed opinions about whether Testamentary Trusts are worth the cost and effort to set up. Tom explains the benefits and how they offer greater control and protection of your estate from potential relationship breakdown, bankruptcy and tax.
Many people believe an up to date Will is all that is required for their Estate Plan. Realistically a Will is just the start, just the foundation. Tom discusses what else is required even for those who have apparently simple structures.