The biggest asset to planning myths is that only big people need the Wills. While young people (over the age of 18) may not want to think about 'what could happen?', Or even consider Making A Wills, estate planning is also important to them. Most youth may underestimate their net worth - or even their potential net worth. Getting started early can be a significant benefit in planning your estate, no matter how much or how little you have. Why should you start planning for the future now? You Have Superannuation Many people do not realize that when you open a retirement account with an industry fund, you are generally paying for a life insurance component called a death benefit. Enrolling a beneficiary with your superannuation fund may not be enough to secure your wishes when it comes to distributing your retirement benefits and any associated death benefits. If you have superannuation, you may require a specific binding death benefit nomination to your designated beneficiary to receive the benefits you want. You Are Planning On Buying a Home Before purchasing a home, it is important that you understand how you will have a home. In this regard, it is important to secure your wishes with a will. For example, do you intend for your share in the property to automatically pass to the surviving co-owner? Or do you intend for your share to be dealt with under your Wills? There are different implications depending on the ownership of your property. You are Married or in a Real Relationship You should not assume that you do not need a will because everything will automatically go to your spouse or partner. If you die without leaving a will, you are told that they die. In this intimate scenario, there is no need to specify who you want to be your executor and who you want as your beneficiaries. This means that your property will be administered and distributed according to the law. Accordingly, your wealth may end up in the hands of someone you never expected from them. You Are Recently Married, Or Have A New Parent:
For parents, an important aspect of estate planning is to make sure that you have appointed a guardian for your children that you have. For a married or real couple, it is important to know where you stand in terms of the distribution of property in the event of death or inattention. Instead of giving it a chance, having a Wills and a permanent power of attorney can ensure that your intentions are made. You Want To Avoid Potential Disputes after Passing A can help prevent potential disputes between your family members when you visit them. Especially if you are in the process of getting divorced or separating from a real partner, you may want to consider the formality of who will receive your property. A Wills can offer you peace of mind, knowing that your assets will be dealt with in the best interests of your designated beneficiaries. You Want To Give a Special Gift to Your Loved Ones You may not have a lot of possessions while you are young, although you may have some items that are of sentimental value. Use the desire to specify where you want your money and property to go - even those items of sentimental value. Young or old, consider your estate plan as an insurance policy. Although you can be young with little wealth, once it is in place, it is when you need it. We recommend that your Wills and estate plan be amended every three to five years or when a major life event occurs. If you would like to discuss creating a new will for yourself, please do not hesitate to contact Jackson & Associates Solicitors in Adelaide Hills.
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Jackson Associates
Jackson Associates Solicitors Belair, South Australia in dealing with Wills, Powers of Attorney, Advance Care Directives and Probate, Deceased Estate Administration services in Belair, SA Archives
November 2020
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