Estate Planning: 5 Things People Forget
Learn how to support your family and have your wishes fulfilled with an estate plan done right. From charity donations to health decisions, we cover the important things which sometimes get missed in a Will, and which have consequences further down the line. Read on so you don’t get caught out in these common forgotten aspects of estate planning.
Estate Planning
When it comes to supporting your family, sharing your leftover assets and having your end of life wishes fulfilled- an estate plan is key. And, whilst more and more people are starting to cotton on, there's a difference between an effective and ineffective estate plan.
Things like family conversations, charity considerations and backup appointments can make all the difference in ensuring your wishes are seen through. No, these might not always be on a form to tick or a dotted line to sign, but when it comes to your goals- these frequently forgotten aspects can be make or break.
Read on to cover the common overlooked factors in estate planning, and write your Will with an informed mind. But first… what is an estate plan?
What is an Estate Plan?
An estate plan is a legal document or set of documents that outline your wishes on the distribution of your assets, guardianship of minor children, healthcare decisions, and more.
From funerals to end of life, an estate plan serves as a roadmap for your loved ones to carry out your instructions. This can span across your final years, as well as the years after you're gone.
Aside from the fact you're confronting death, there's a lot to think about. Things can get overwhelming, and an estate plan can quickly become an admin box you want to tick off and forget about.
With the right support, your assets, Will and end of life wishes don’t have to get stressful. But to give you a helping hand on common factors overlooked, we’ve listed 5 common things people forget in their estate planning, and why you wouldn’t want to.
Backup Executor
Appointing someone to carry out your estate plan wishes is great. Even better? Is someone to carry out your estate plan wishes, if the original person isn't able to.
Life happens and circumstances change. But when it comes to your end of life, you don’t get a do-over on making your wishes count.
Appointing a trusted backup executor is one way to insure against illness, relocation or death of your original executor- ensuring that your assets are distributed smoothly, probate seamless and your peace of mind secured.
2. End-of-Life Decisions:
When planning for death, some people forget to factor in the end of their actual life. In the event of lost health or capacity, it’s important to specify your wishes on decisions you can’t make. Things like life-sustaining treatments, resuscitation and organ donation are all worth deciding in advance; saving time, stress and self doubt for your family who are left to make the decisions.
3. Talking about death
Your estate plan might be about you, but it’s your family left behind who will have to carry it out. Having open and honest conversations with these people ensures your wishes are aligned and understood ahead of time.
This can prevent family disputes over interpretation, confusion and self-doubt on those left behind.
4. Charitable Donations:
Planning your estate is about more than just your assets. Rather, it’s an important chance to support the people you love and the causes you want to make a difference in.
Leaving a gift to charity in your Will is a powerful way to create this legacy, and help create impact even after your’e gone.
Thinking about this opportunity can also help reframe your Will as a positive, generous act rather than a boring piece of life admin- giving you motivation and that ‘feel good’ reward from an otherwise dreary feeling bore.
5. Update your Will
So, you’ve taken the hard first steps and written your estate plan. You’ve got funeral plans locked in, a legacy set and all the provisions to support the people you love. Your’e done…right?
Life happens and things change. From relationships, to property and individual wishes, it’s important to reflect these shifts in your Will and estate plan- ensuring that your wishes are aligned with this roadmap, and your family aren’t left with ambiguities.
How Safewill can help
Safewills online platform makes it easier than ever to plan your estate, from the comfort of your own home. From listing your assets to appointing an executor, leaving a donation and making updates- we offer the most convenient, and affordable, way to get your Will ‘done’ (the right way).
Breaking down each segment into easy chunks, your Safewill estate plan makes it easy to cover the important bases. We even offer easy updates, charity partners and tailored legal advice from our very own specialists in the field.
Get started on writing your Will today, by reaching out on 1800 103 310 , or via live chat now.