Estate planning may sound a little intimidating or irrelevant, but this umbrella term covers a range of essential financial and legal arrangements that any individual can and should make for the proper care of what they own and the people they love. It is integral to your future planning if you want future situations handled with minimal impact on family and in alignment to your wishes.Your will is a starting point
How will medical decisions be made?
The reality of medical and health issues impairing decision making is a critical issue to deal with in an estate plan. A sudden accident can leave your family with massive decisions to make about treatment, accommodation and assets, so it is essential that they have some formal reference point to avoid undue stress.
Fortunately, there are ways to cope with this eventuality and relieve stress on your loved ones. An Enduring Power of Attorney gives a legal basis for passing your decision making authority to someone you trust if you are unable to make decisions for yourself on legal and financial matters.Enduring Guardianship can also delegate your authority to someone you trust for making critical decisions on issues such as medical treatment and nursing home care, if you are not able to yourself. These tools are there for your benefit and to help you ensure your wishes are carried out effectively and responsibly to your satisfaction.
Providing for the care of children
No one would ever knowingly compromise the welfare of their children, but we can unwittingly leave things up in the air if we don't make formal plans to set out our wishes. An Enduring Guardianship lets you specify who you want to care for your children if you suddenly die or suffer a medical event that prevents you from providing care for them.
Failing to attend to this valuable provision for their future may leave them exposed to the judgements of external authorities and may leave your family with the prospect of applying to a government tribunal in order to allocate guardianship responsibilities.Ask for help to secure the future
Disclaimer - Information current as at 28 April 2016 - This information is of a general nature only and has been prepared without taking into account your particular financial needs, circumstances and objectives. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. You should obtain professional advice before acting on the information contained in this publication. You should read the Product Disclosure Statement (PDS) before making a decision about a product.