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The bugger went and died on me and.... I DON'T KNOW WHAT TO DO!

Try to imagine a sudden tragedy in your family.

Imagine you are a husband who has relied on your wife’s financial management skills your entire working life.  She has taken care of planning and managing the family since you first married and you have come to rely heavily on her. Perhaps she has been diagnosed with a terminal illness or had a major car accident and you now need to step into the role of family financial manager.

Perhaps it is your parent or child that takes ill, needing to spend an extended period in hospital or rehabilitation after a stroke or major accident. So, without notice, you may need to step in and take over the financial and medical decision making for your loved one.

  • Where do you start?
  • What documents do you need?
  • What information do you need?
  • What questions should you ask?
  • Who should you talk to?
  • What is important?
  • What can wait?
  • How long is all this going to take?

 The Australian Bureau of Statistics (ABS) tells us that $3,387 billion dollars is owned by people over 55. For practical purposes all of this money/property will change hands in the next 25 years and yet studies have shown that 45% of Australians don’t even have a Will, let alone a record of all the things their family will need to know to assume control. With so much focus on the longevity of baby boomers, the subject of how their wealth will be managed through their declining years and transferred in death has been largely ignored – it is the "elephant in the corner" within  today's society.

What is Estate Planning?

After more than 20 years working with clients who have lost loved ones, the best definition of Estate Planning is as follows:

The right money;

The right information;

The right documents;

And the right guidance, to the right people, at the right time.

We know from experience that clients who fail to get this area in order, experience significant distress and, in many cases, substantial financial loss or hardship. 

Our experience has seen even the simplest of Wills costing an estate thousands of dollars due to poor planning and consultation.

One example was Jim & Betty.  Jim & Betty just wanted simple Wills. They left the two properties and investments to each other and if they both died it would go equally to the 5 children.  What they did not realise is that the children had different ideas.  One of the boys (Sam) wanted one property and one of the girls (Jill) wanted the other.  The other 3 siblings were happy to share the investments.  What resulted was that Sam and Jill each had to purchase the balance of the property from their siblings resulting in unnecessary stamp duty and taxation costs.  

The EnVision Partners Estate Planning For Life process makes sure your family is as well prepared as possible.

It is our fervent hope that by investing a few simple hours over a week or two you can ease your family’s journey through those most painful and common of experiences – illness or death.

For the inevitable life event,

Don’t let things end in crisis,

Be ready to celebrate life.

Don’t wait until it’s too late.  Contact EnVision Partners for a free consultation today.

[1] Sourced from The bugger went and died on me and … I Don’t Know What To Do! by Gil Gordon

This publication is issued as general advice.  The contents are not a substitute for specific advice and should not be relied upon as such.  Accordingly, whilst every care has been taken in the preparation of this publication, no responsibility is accepted for persons acting on this information.

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