One positive note to come out of this situation is that it has given most people some unexpected “free” time to consider matters that may have remained ‘shelved’ until now – a legal health check if you like.
Succession Planning is much more than just having a valid Will and remains very relevant in these extraordinary times as everyday life has become uncertain and precious. It is something you should address now, don’t wait until it’s too late. It can:
- Provide certainty that your children from a current and/or previous marriage and/or your stepchildren are taken care of;
- Provide certainty by getting the right assets into the hands of the right people, at the right time; and
- Enable you to provide for your loved ones while minimising the tax payable by your nominated beneficiaries.
We strongly recommend to our clients to consider the protections of these legal documents:
- An Enduring Power of Attorney (EPA) by which you appoint a person to manage your financial affairs should you be incapacitated in the future;
- An Enduring Power of Guardianship (EPG) by which you appoint a person to make lifestyle decisions on your behalf should you be incapacitated;
- An Advanced Health Directive (AHD);
- Superannuation Binding Death Nominations;
- Life Insurance proceeds; and
- A Will.
Please click on the following links to AAG Fact Sheets published on our website, for more detailed information on these topics: