Estate planning is such an important component of life, yet many choose to ignore it or put it off. Perhaps this is because of the perception that it is a morbid subject.
Nonetheless, the truth about estate planning is that it can make your life much more comfortable. You can live safe in the knowledge that plans are in place should something happen to you unexpectedly.
The starting point of any sound estate plan is a will. Outlined below are just two benefits that this can bring to you and your loved ones.
You work hard each day to provide for your family, and a will lets you continue to provide for them after you’re gone. By drafting a will, you can ensure that your income, savings and property go to those whom you treasure the most. Your spouse, children and closest friends can all be offered some financial security.
A safe upbringing for your children
Perhaps you’ve remarried and your children are extremely close to your partner. However, they are not the biological parent. In fact, their other parent is no longer alive. If something happened to you, could they somehow end up in the care of someone they barely know? In your will, you can nominate a legal guardian of your choice to give your partner stronger custodial rights over the kids.