No one likes to think about the worst case scenario. But the reality is, without a proper will or estate plan you are setting your loved ones up for a stressful time trying to sort out your affairs.

You don’t want a lawyer deciding who gets your assets. Or your family to dissolve into disputes and disagreements.

An estate plan can remove complications and burden, and give you the peace of mind that your legacy is left intact.

What is an estate plan?

Estate planning is the process of arranging your affairs to prepare for the event of your incapacitation or death.

It allows for the most effective distribution of your assets and ensures that your wishes are met. It goes beyond a simple will and puts the right structures in place to help your beneficiaries avoid any issues or disagreements.

Who needs an estate plan?

Some believe that an estate plan is only for high net worth individuals. The truth is every person would benefit from having an estate plan in place. In particular:

• Anyone with assets
• In a relationship
• Has children
• Blended families

There is a common misconception that a will is enough, but a will doesn’t cover all assets. For example, assets held in a family trust or company aren’t covered by a will. Superannuation is not always covered by a will.

A will generally only comes into effect once you die, where an estate plan can prepare for the possibility of becoming physically or mentally incapacitated. An estate plan helps navigate the intricacies of each individual circumstance and covers all the things you might not even think of.

What are the consequences of having no estate plan?

The most obvious impact is to your loved ones. If you have no estate plan, during a devastating time, your loved ones will have to engage in a complicated process which can lead to disagreements.

Your estate will be distributed according to the laws of your state, or in the case of your incapacitation the courts will appoint a power of attorney.

There is no guarantee this will be in line with your wishes or the best interests of your loved ones. It also becomes complicated if you have a previous spouse or past partners, who may be able to contest the will.

It’s also worth noting that in the case of state trustees needing to administer your estate, this will come at a significant expense.

Being prepared now can make a big difference to the peace of mind you feel about ensuring your family is provided for in the way you would choose.

At Venture Wealth we can help you establish a solid estate plan to safeguard your assets and loved ones. Book a complimentary discovery session.