7 Minute Wisdom

Don’t leave a puzzle for your family to work with after you have gone. Leave clues and documented information that is concise and clear for your loved ones to manage.

There are mixed opinions about whether Testamentary Trusts are worth the cost and effort to set up. Tom explains the benefits and how they offer greater control and protection of your estate from potential relationship breakdown, bankruptcy and tax.

Many people believe an up to date Will is all that is required for their Estate Plan. Realistically a Will is just the start, just the foundation. Tom discusses what else is required even for those who have apparently simple structures.

Sadly we have seen many cases when failing to make simple updates to your Will and Estate documents can lead to disaster. When was the last time you reviewed your personal and business documents? What events have transpired that are relevant to your Estate Plan?

With blended families becoming more and more common, we are often asked how to provide for step siblings in a way that is fair to all beneficiaries.

For those left behind when you are gone. An often very emotional but clear and concise letter to your spouse, children or others offering advice on the financial position, what to do next and who to trust.

A real issue in many families which people often do not wish to admit or discuss could be a family member or beneficiary with a substance or behavioural addiction. These condition might prevent them for managing their inheritance effectively and as you really intended.

Children with special needs often require specific planning and individual arrangements when it comes to preparing your Will and Legacy Plan. Not only as to who will provide the ongoing care, but primarily in many cases the need for adequate finance for the child's care is the greatest issue.

The greatest danger in estate planning could be the fact that you simply don't know what you don't know. Could there be something missing from the advice you have received? A thorough, detailed discovery questionnaire is essential to eliminate potential issues.

When it comes to Estate Planning and drafting a Will, why is it that so many people procrastinate or wait for the perfect situation before getting started? Tragically this habit and attitude can lead to a messy situation if you pass before getting your plan sorted.