Nobody likes to consider their own mortality, but if people want to take care of their affairs and look after their dependents, then this is an important consideration. It's even more important if the individual in question has a complicated portfolio of properties, tangible assets or bank accounts and they really need to ensure that their estate planning is up to date. If you are not as in tune with this as you should be, why do you need to take some action?
When people draw up a will, they imagine a scenario where it will be read by their appointed representative after their death. Yet there are other circumstances in which it may be referred to, and this document could be crucial if they were unfortunate enough to be involved in a serious accident that left them incapacitated. It could also be referred to if the individual were had dementia or another mental illness, although in this case there would typically be more time to take action.
In every situation, all elements of the estate need to be taken into account carefully. For example, the life insurance policy may need to be checked to make sure it is comprehensive enough and to see if it is linked to their superannuation fund. Is there enough money in the fund, or have they relied too much on their employer to administer everything? They need to make sure that the fund can take care of their dependents following their demise and, more importantly, that an individual has been nominated to receive the superannuation payout. If this is not taken care of, it may be difficult to determine the outcome, and the matter may need to go in front of the court.
Affairs in Order
To make sure that your estate is in order and can be relied upon following your incapacitation or death, make sure that your life insurance policy is up to date, that your superannuation fund is in order and that you have authorized a letter of attorney. Include details within your will so that your dependents know what to do if you contract a terminal illness or go into cognitive decline. If you have a family trust, then ensure that all the details are up to date and included within your will.
Many people find this difficult to handle by themselves from a legal and professional point of view. This is why it is a good idea to bring in a wills and estates lawyer.