As financial planners, we will always ask clients if they have an Estate Plan in place, and the answers we get are often surprising. Many people shrug off the conversation and we get responses such as “I don’t own anything, so its not a big deal” or “my family/kids all get along, so I’m sure they will work it out between them” or “yep, I did that” [and it turns out it was 20 years ago and hasn’t been looked at since].
It’s not that they don’t care who inherits their wealth, but often they genuinely aren’t aware of what they have, how the process will work, or the costs to their beneficiaries when they get it wrong.
In this WTDTYAS session, I was joined by Carrie Payne [a legal expert in all things Estate Planning] and Financial Planning Director, Megan Kelly, to discuss why estate planning is so important, including:
- Why everyone should have an Estate Plan,
- What happens if you don’t have any plan in place [who steps up and takes control?],
- When you should revisit and update your plan, and
- Why it’s important that your financial advisor is aware of your plans.
Whether you are a multi-millionaire or a struggling student, this session highlights things you should be thinking about and regularly checking in on with your Estate Plan.
If you have any questions feel free to contact us on firstname.lastname@example.org or give us a buzz on 1300 BDEPOT.