We may not admit it, but it seems like most people devote more of their time to plan a vacation, what vehicle they should buy, or even where to eat dinner. Most of us are preoccupied with things that don’t have anything to do with our future. Instead of wasting our time on useless things, we should allocate some towards deciding who will inherit our assets after we’re gone. You may not agree, saying that you’re too young to die. But realistically, do you know when you’re going to leave this world? Death is inevitable – it can swoop in and take you without you knowing it. That’s why as soon as possible, you should take the time planning your wills and estates Adelaide and make sure your assets and inheritance are secured.
Estate planning isn’t fun – we get that. But at the same time, it’s also necessary, and we have to do it to make sure our assets are safe from the hands of the Government. That’s why we present four reasons why estate planning is so important:
1.) Prevents Wealth from Going to Unintended BeneficiariesWithout proper estate planning, your assets and wealth will potentially fall in the hands of the wrong people, or worse – the Government. Prevent this from happening by drafting your will early and managing your estates and other assets. That way, you can rest assured knowing that when you do depart this world, all of your properties are given to the rightful people.
2.) Protect Your Family and Children
Nobody thinks about dying at a young age. But at the same time, we can’t guarantee that as well. If you’re the parent of young children, you need to prepare for the unthinkable. That’s why you need to draft a will as early as you can. Ensure that your children are taken care of by naming their would-be guardians if both you and your significant other dies before your kids turn 18. Without such a will, the court will step in. What’s worse is that no one will get a piece of real estate. Instead, they will decide who will raise your children. Don’t let them deprive your children with what they rightfully deserve by drafting your will now.
3.) Spare Your Heirs from Painful Taxes
Estate planning is all about protecting your loved ones. That also extends to protecting them from the Australian Taxation Office (ATO). Estate planning also involves transferring assets to your heirs while focusing on creating the smallest tax burden for them possible. Through estate planning, you can compensate all of your tax obligations and make sure your inheritance will not inherit large amounts of taxes. If you overlook your taxes, chances are your heirs will not accept their share of your assets once they discover that you have a massive debt in your taxes since they’re going to continue paying that.
4.) Eliminate Family Disputes When You’re Gone
We’ve all heard those stories from movies to news where a family has crumbled due to conflicts of inheritance. Prevent a potential war between family members by ensuring that they get their rightful piece of the pie. Wills and estates Adelaide will help extinguish the fire before it even begins. By writing a will that details everything each family member will inherit, you can avoid any potential conflict. Additionally, each member of your family will also understand why they received the inheritance.