We work hard to build and protect our legacy. It is important to ensure that carries forward to impact generations. We are passionate about leaving a legacy to our children’s children (Proverbs 13:22).
Estate planning ties into this. It protects you, your loved ones and assets and is relevant at every stage of life. It’s about leaving a legacy that will keep your loved ones secure in their future and ensuring your wishes are carried out in the way you intended.
Creating your estate plan is preparing your legacy for transfer to the generations who follow you to carry, protecting them and your legacy in the process
An estate plan is a strategy or plan for how your assets should be distributed after you die. These assets can include everything from your home and savings accounts to your car, furniture and even jewellery. It’s important to note that your super balance and insurance proceeds are not part of your estate by default and will need to be considered separately.
An estate plan ensures that your assets are distributed among the people and organisations of your choosing. It’s essentially a roadmap for how your assets should be dealt with when you’re no longer there to take charge. If you don’t have a will and estate plan in place at the time of your death, your assets will be distributed in line with the intestacy laws of your state.
While many people wait until retirement or beyond, estate planning should be a consideration for every stage of life. This could include everything from acquiring assets, changing insurance and purchasing property to getting married, having kids and even travelling. Basically whenever things in life change, you should have an up-to-date estate plan that reflects those circumstances.
It can be difficult to think about end of life or being incapacitated, but estate planning is not about your mortality – it’s about protecting what you worked and sacrificed for – your legacy.
Documenting your wishes now, means leaving less to chance once you are gone. It also ensures that your loved ones are not left to deal with unintended tax or legal difficulties.