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3 Reasons To Get A Head Start On Your Estate Planning In Sydney

3 Reasons to Get a Head Start on Your Estate Planning in Sydney

Getting an early start on estate planning helps you to designate who will receive your assets in the event of your death. As you get older, the risks of having no estate plan are amplified. You may need help looking after yourself, which means you’ll become more susceptible to making poor decisions about your assets. Loved ones who were once independent may also need assistance but may not provide that help themselves.

No matter what stage your life is in, it’s always a good idea to prepare for what everyone hopes will never happen. Your estate plan needs to have enough flexibility to adapt to the changes life throws at you while still providing for your loved ones and yourself. Here are the best reasons that support why it’s never too early to start planning your estate.

Why You Need Estate Planning in Sydney?

1. A Will can ensure your assets go to the right people

A Will is the only way to ensure loved ones will be cared for after you pass. You can set aside money for loved ones to pay for ongoing living expenses, secure property for them to live in, or even help them move into an assisted living facility as they move into their golden years.

The sooner you start the estate planning process, the more flexibility you may have to prepare for your loved ones in your Will, as you’ll be able to put money aside for loved ones, no matter their age, until it’s needed.

2. Power of attorney allows you to maintain control over your affairs

Setting up a power of attorney allows you to designate a trusted person to make decisions on your behalf when you’re unable to do so, for example, if you suffered a serious medical episode or needed to transition into a long-term care facility.

3. A trust will help your children receive the best outcome

A trust allows you to avoid estate taxes and keep money out of the hands of your children until they’re older and more able to handle it. A trust allows you to set funds aside for essential future expenses, such as education expenses or paying off your home. You’ll be able to designate how your money is managed and to whom it is distributed.

Estate Planning in Sydney: It Should Never Take a Backseat

It’s never too early to start looking into your estate plan, and it’s never too early to start gathering documents and information about your family. The more detailed you can be when creating your estate plan, the easier it will be to get everything in order and maintain until it is needed.

Get Started Today!

Getting an early start on estate planning helps you to designate who will receive your assets in the event of your death. The more you delay estate planning, the harder it will become to make the right decisions. You can ensure you have someone you trust to manage your affairs if you are unable to do so. You can also leave your assets in a trust for your children, grandchildren, or even medical facilities.

Estate planning will ensure that all your wishes are precisely put into action as you intend. These benefits are only available when you’re in the planning stage. Working on your estate plan with an experienced financial adviser will help ensure that you have peace of mind, no matter what happens.

If you need help with estate planning in Sydney, don’t hesitate to contact Sydney Wealth Advisers. We have skilled financial advisers to help manage your investments and assist you in making sound financial decisions. Get expert financial advice by contacting us today!


DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.
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