My experience with getting an Estate Plan
Benjamin Franklin wrote “In this world nothing can be said to be certain, except death and taxes.”.
Like many others my age and stage, I have definitely complained about taxes, but have very openly avoided discussing the other inevitable factor in Franklin’s quote.
After the birth of Jasmine and at the start of my F-Empowered journey I realised that I was not as financially fit as I should be. How could I preach the importance of preparing for the inevitable without myself being well prepared.
With two kids in tow it was now a feeling of being irresponsible … I had to do something to ensure that our biggest assets are well looked after when we pass.
Enter the estate plan.
It’s so much more than a will. An estate plan outlines your wishes for your loved ones (and lawyer) to take on board in the event of illness, mental incapacity, financial incapacity or passing.
A good estate plan has three aims:
to give you control, via a set of instructions, of your most important assets (including your kids) if you fall ill or pass
to try avoid the next of kin from suffering financially
minimise any family arguments about who gets what
Unfortunately ~60% of Australians die without a valid will and of those that have them, only half have a full estate plan in place.
You can get one by engaging with an estate planning specialist / lawyer who go through all the things you need to consider and agree upon and can be reviewed when there are big life changes (more debt, more kids, different relationships etc.).
Our experience talking with an estate planner involved allot of “G’d Forbid” and wood knocking - but with it coming into place, I feel a big weight off my shoulders.
This article was written with input from the wonderful Zoe Brisden.
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