A Will is obviously a crucial tool for organising your estate, but it’s not the full picture when it comes to safeguarding your family’s financial future. Modern life is complex, with a diversity of assets and relationships, as well as challenges that a basic Will alone cannot fully address.
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Taking a broader approach to estate planning ensures your loved ones are truly protected when they need it most, and here we explain what you can do to secure your family’s financial protection.
While a Will specifies who inherits your assets, it doesn’t actually explain how to locate them or ensure they’re managed efficiently. We have embraced online banking and digital assets in the modern world, which means increasingly fragmented finances. This can make probate lengthy and stressful.
Without detailed guidance, even straightforward estates can create unnecessary burdens for grieving families.
A handover plan is an essential addition to your estate planning, and will make everything so much easier for those grieving your loss. The plan will compile key legal, financial and practical information your family will need after your passing.
This will include the likes of account passwords and policy details, providing clarity and saving a lot of time. Digitising this plan ensures it’s up-to-date and accessible, further reducing confusion when it matters most.
A Lasting Power of Attorney (LPA) can prepare your family for unforeseen situations, and we know life is full of those. If you become incapacitated, an LPA designates someone you trust to manage your finances or make decisions about your care.
Without an LPA, your family may face legal hurdles just to access your funds or ensure you receive the care you want.
A Trust goes beyond the capabilities of a Will and offers control over and protection for your assets. Trusts can prevent inheritance from being lost due to divorce, creditors or poor financial management, and they also allow you to specify how and when your assets are distributed, thus making them ideal for blended families or beneficiaries with unique needs.
If you have significant wealth or want to ensure generational benefits, a Trust could be a must.
If you own property with somebody else, then a deed of severance can protect your share. This legal tool divides ownership into separate shares, ensuring that your portion of the home is safeguarded for your chosen beneficiaries, regardless of the financial circumstances of the other owner.
Life changes constantly, and so should your estate plans. Whether you’ve bought a home, welcomed a new family member or experienced other major events, reviewing your arrangements ensures they align with your current situation. Even without significant changes, periodic reviews are a good idea to maintain a plan that reflects your wishes.
If you want to learn more about why a Will is not enough for your family’s protection and what more you can do, get in touch with Integritas Financial Planners today by clicking here.