Estate Planning: Conversations that Matter
When thinking about future planning, one thing that often gets overlooked is the conversation about managing estates after a loved one passes away. Talking about death can be difficult, but preparing ahead can relieve much stress for those left behind.
At Home Care Assistance Sydney City & East, we know how stressful it can be for families left unprepared. Our goal is to help you plan ahead, ensuring that when the time comes, loved ones are spared from unnecessary stress and can instead focus on supporting each other.
Planning for the Future
Start by making sure essential documents like a valid will, enduring power of attorney, and binding death nominations are in place. A valid will ensures your assets are distributed as intended, while an enduring power of attorney gives a trusted person the authority to make financial decisions on your behalf if needed.
As life becomes more digital, access to online assets becomes vital. Write down your passwords and pin numbers, including social media, banking, and email accounts. By keeping a list of critical information, such as bank accounts, share portfolios, and valuable items, in a secure place, your family can more easily manage your estate when the time comes.
Discussing funeral preferences or pre-planning is another important step that can relieve the burden on your family. Additionally, meeting with your key professionals—such as your financial planner or lawyer—and introducing them to your loved ones will make the process smoother.
Don’t forget, decluttering your home now can help your loved ones avoid the emotional and physical task of sorting through years of accumulated belongings after you’re gone. Start clearing out unnecessary items and identify heirlooms you want to pass down.
If you’re the adult child of an ageing parent, there are some critical questions you should ask them, to make the process much smoother.
10 Questions Adult Children and Ask Their Ageing Parents:
- Have you made a valid will?
- Do you have an enduring power of attorney in place?
- Have you planned for medical decisions with an enduring power of guardianship?
- Is your superannuation nomination current and binding?
- Where are your assets and debts documented?
- Do you have a list of logins and passwords for online accounts?
- Have you shared access to this information with someone you trust?
- Have you planned your funeral arrangements or given guidance on your preferences?
- Have you introduced us to the professionals you rely on?
- Have you begun de-cluttering and organizing important items?
Planning ahead brings peace of mind for everyone involved, ensuring that the estate is managed efficiently and according to your wishes.
Ref: Nick Bruining, Your Money, “The 10 questions kids should ask Mum and Dad to help manage their estate when they’re gone” Mon, 12 August 2024
