It is important to plan for the future and one significant consideration in this is establishing a professional will. You will be able to maintain clarity on how your assets will be distributed and there will be legal documents to act as a guide in unforeseen circumstances.

There are professionals such as Eagle Estate Docs that can help you with services such as this and let you know of important considerations. One such component is the Enduring Power of Attorney which is a legal document that will give authority to a trusted individual to make decisions regarding legal and financial aspects on your behalf were you to become incapacitated. You need to select a person that you trust wholeheartedly for this so that they will act in your best interests. This person will be known as the attorney and they will manage your investments, handle financial transactions and make legal decisions on your behalf. If you don’t have an Enduring Power of Attorney in place, there can be many legal complications when it comes to making decisions regarding your finances and assets. This can lead to many delays. You need to have a comprehensive will so that clear instructions are given on how to distribute your assets upon your passing. You will need to choose an executor who will administer your estate and this individual must be reliable and responsible. They will be tasked with carrying out the wishes you have mentioned in the will.

You will also need to identify the beneficiaries.

These can be friends, family members and you can also distribute assets to charitable organisations. You have to consider what will happen to your children if they are minors upon your passing. There has to be a guardian designated in the will and they will be responsible for caring for your children. Consider what liabilities and debts you have and how these will be settled using your existing assets. You can also specify any preferences for the funeral arrangements and how your remains should be handled. This can make it very easy for the family members and they will be able to carry out your wishes. The benefit of having a well prepared will is that there is a significantly lower risk of disputes and your assets will be transferred smoothly to the intended recipient giving you much needed peace of mind.

Estate planning is another part of establishing a will.

There will be tax implications for your estate and you will need to understand what these are and how the tax liabilities can be minimised. And if you are the owner of a business, you will need to have a succession plan so that the ownership and management of the business can be transferred smoothly. Some people highly value philanthropic pursuits and you can include provisions for charitable donations of your preference in the estate plan. You can also assess the role of life insurance and how this can support your loved ones financially.