Not many like to talk about end-of-life activities like estate planning because death is something not many of us like to think about. However, it is still vital that we take care of topics like these to ensure that, when we do leave, we soften the blow of our loss by planning how our belongings should be distributed when we die.
With that said, planning for such events can be complicated, especially if you have many assets to deal with. With a bit of strategising, you will be able to cover as many topics as possible so that, when the time comes, you can protect your family in the process:
1. Manage your wealth
One of the first things you can do when planning for your end-of-life phase is to start managing your wealth right away. When it comes to estate planning, one of the strategies is to create a set of plans that can help you gain enough wealth to meet your goals.
This requires you to consider all the assets you currently have. More often than not, people realise that they must make changes to ensure they meet their goals. You can do this with many wealth management tools or even reach out to expert wealth managers to create sensible solutions and track your results.
2. Keep your will updated
Everything from your assets to your liabilities will change as life moves forward. As such, what you wrote in your will years before will most likely require updates to stay relevant. We highly recommend that you take your wills to experts who can analyse your assets, liabilities, goals, and more to adapt your current will.
3. Figure out your business exit
If you own a business and are running it, understand that you can’t be the boss forever. Some day, you are going to leave, willingly or unwillingly. It is just a fact that you need to think about, especially if you have not planned for your business exit just yet.
Figuring out your business exit is vital so that, once you do leave, the successor can quickly take charge without too many issues. It will help to reduce any legal issues you may face and ensure your family gets what you want them to get when you go.
You can do many other things to properly plan for your end-of-life phase to ensure that things go as planned when you pass on. For instance, you can look for further ways to protect your assets, reduce risk, figure out methods to reduce tax burdens, and look for the right types of insurance to protect your family.
It may take you some time to figure out all of this stuff, and it will require a commitment to make changes as necessary to ensure you are on the path to achieving your goals. However, these efforts are worth it, knowing that your family will suffer less from the loss of their loved one.
Swell Financial Planning is a financial service provider offering budgeting, investment, insurance, and many more services to help clients maximise their wealth to achieve their unique goals. If you are looking for wealth management advisors in Queensland, contact us today!