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There are plenty of things to consider when putting your affairs in order. Estate planning has its complications and its important you plan effectively to ensure your estate is in order and your wishes are met.
Your estate should be managed how you want it to. Navigating the challenges of estate planning will help ensure your needs and wishes are fulfilled.
There are numerous challenges that arise in estate planning so it’s important you combat those and work alongside legal experts to ensure your estate is ordered accordingly.
What are the common challenges of estate planning?
One of the most common challenges in estate planning are Wills. It is wise for all estates to include a Will because that will clarify to your beneficiaries what they will receive and how you want certain things to be done once you pass away.
Wills are your wishes, clearly mapped out and must be executed by law. Through this, you can clarify what your beneficiaries, however many are receiving through gifts or trusts.
Clarifying your beneficiaries in your Will avoids discrepancies as not having a Will can lead to claims from individuals who feel they are entitled to elements of your estate.
Another challenge is asset ownership. Some assets such as property or vehicles you may own outright but there are challenges where property or other assets are shared. This means you cannot outrightly declare this is your asset to bequeath so you must ensure you have the full legal rights over that asset.
As part of your estate planning, you should ensure you have all relevant documents and organised correctly. Keeping your documents proves ownership but also enables you to update your plans should anything change.
These can be complex, difficult challenges to navigate so it is important during the estate planning process, you have measures in place that clarify your wishes and avoid disputes, and a Will is the best method to ensure this.
A Will is legally binding, enables you to distribute your assets to beneficiaries without dispute and clarifies your wishes upon your death.
How can I ensure my affairs are in order?
If you are in the process of planning your estate or thinking about putting your affairs in order, it is always wise to seek legal advice and speak with experts who can advise you on the right approach and steps to take.
They will listen to your circumstances and help you the best plan of action to ensure your estate is in order, fulfils your wishes and provides clarity to your beneficiaries, executors and in some cases attorneys.
Legal experts will have you confidently navigate the common estate planning challenges, so your estate is in the exact order you want it.
Contact our team today for tailored estate planning advice and support
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