Estate planning is the process of arranging your affairs to ensure that after death, the assets you own and control can pass to your intended beneficiaries in the manner you wish.
In addition, it involves preparing for a time (that may not come) when you are not in a physical or mental condition to make decisions regarding finances and medical conditions.
In simple terms, it’s about making a plan for what happens to your money, property, and personal matters after you pass away or if you can no longer make decisions yourself. It looks to ensure your wishes are followed and makes things easier for your family and loved ones.
But where do you start?
One of our Directors, Graeme Hodge, was faced with this question when a family member received news of a terminal illness and asked if there was a checklist to help get his “matters in order.” Despite searching far and wide, no comprehensive guide could be found.
One of the reasons for this is that every person’s circumstances are different, but it remains a certainty that everyone will need their affairs to be managed.
That’s what inspired Graeme to create our Estate Planning – Matters to Consider guide.
While it’s not possible to tailor one checklist to suit everyone, the guide highlights the most common threads and considerations in estate planning, including:
- How circumstances differ if you are survived by your spouse, or not
- Estate planning when children are from current and / or previous relationships
- The impact of pre-nuptial agreements
- How business ownership can influence estate planning decisions
- Which information will simplify matters for your executors and beneficiaries.
The guide is designed to prompt thought, reduce overwhelm, and help you focus on what’s most important, whether you’re planning for the long term or addressing more urgent needs. It also includes a practical checklist to monitor your progress.
If you’d like a copy of Estate Planning – Matters to Consider, simply get in touch at info@holmanhodge.com.au or contact your Holman Hodge advisor. We’d be happy to provide it and discuss how it applies to your circumstances.