Or your hard earned money could end up in the hands of an ex-spouse, bankruptcy court, or the Tax Office.
How could this happen you ask?
Let us imagine for a moment… You spend all of your life working hard and putting aside money for retirement. Thanks to your smart financial planning, you live well in retirement. You even have enough left over to leave to your children. You enjoy the feeling of knowing that your kids and their kids will benefit from your hard work.
You have had a will done by your solicitor and even had it updated before you retire. You believe when you pass, your affairs will be in order and your estate will go to your children. But, will it?
When the solicitors look to wind up your estate a number of issues arise, one of your children has gone bankrupt so the creditors quickly snatch the money that you left him. The other child is divorced and their spouse has run off with some one else. But the divorce has not been finalized so the ex-spouse has a claim on the funds and uses the money to buy a new sports car. So 75% of your estate has gone, your kids and their kids are not enjoying the benefits of your hard work.
Back to the present…
How does this make you feel?
Nothing you can do about right. Wrong!
Estate planning is a specialised field and is very important part of your overall financial plan. Estate Planning is more than just a will.
Since death duties were abolished in Queensland in 1976 and Federal estate duties were abolished in 1979, deceased estates have paid more tax to the government then before. If for no other reason, estate planning should be done just to make sure that the tax office does not get their hands on your money. For me that is good enough reason.
Call us now if you wish to make sure that your hard earned money is safe.
With my best regards,