Your “estate” is not just what you leave when you die. You have an estate whilst you are alive, not just what you own but you as a person. Estate planning is therefore not just preparing a will which does not have any effect until you die, but preparing for what might happen whilst you are alive if you can’t manage your “estate” – your financial affairs and your personal well-being.
Many financial planners suggest you get “estate planning” advice. This is legal advice about your will to ensure your estate passes as you wish after you die, and whether you should appoint an Enduring Power of Attorney and an Enduring Guardian so your financial and personal affairs can be managed whilst you are alive if you can’t manage them yourself.
There are lots of things to think about when you are considering estate planning. Do you want your attorney who might control your affairs during your lifetime to also be the executor of your will? Can your will be contested? Do you need more than one attorney and guardian and if so, will they be able to act separately or must they act together? Should they act together only for certain transactions? Do you want intervention to prolong your life?
This is the tip of the iceberg. Think about your estate now and get proper legal advice.
