Insight Money

Getting Your Affairs in Order: Why It Matters and How to Start

 

Life has a way of unfolding unpredictably. Moments of joy and sorrow, successes and failures, all intermingle to create a mosaic of experiences. Yet, amidst all these, there's an undeniable truth we often shy away from - the inevitability of our end. And while contemplating mortality can be daunting, it's essential to have our affairs in order.*

Why It's Vital to Have Your Affairs in Order

Imagine waking up one day, feeling that the world is crashing around you. Health crises, divorce, unexpected financial challenges, or even more joyful yet life-altering events like the birth of a child. All these beg the question: is everything in order?

Leaving behind a muddled financial and legal situation can be a devastating legacy. This is not about being morbid; it's about being responsible. Consider the complexities: joint tenancies, tenancies in common, the intricacies of setting up a corporate trustee for a self-managed super fund, and more. Each of these decisions can significantly impact your legacy and your loved ones' future.

Key Points to Consider

1. Life Changes: Since you last reviewed your will, have there been significant life events? Marriage, divorce, a new business, or becoming a company director? All of which could make your old 'Will and Testament' not fit for purpose.  Without updating your Will can significantly alter how and to whom your estate is distributed.

2. Executor Choices: Who you appoint as your executor, and trustee, is crucial. These individuals will determine how your wishes are executed.

3. The International Element: Assets and or family domiciled in another country can have significant tax and asset protection implications?

4. The Emotional Element: Family dynamics can change. Estrangements occur, and beneficiaries may face personal challenges. It's essential to review these situations to ensure your assets don't end up in the wrong hands or exacerbate existing issues.

Posted in Insight Money at 19 September 23