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There are Times When a Will isn’t Enough

by Uneeb Khan

Numbers Pro

This article was published on September 9, 2022, by Numbers Pro. If you want to get the services of accounting bookkeeping, a tax agent for your business in Australia, then click on our link Tax Agent in Melbourne.

According to an Australian broker, about half of Australian landlords do not have a will. Let’s face it, building your own isn’t a very exciting project, but it will give you confidence in the future. Even if you’re young or have few assets, writing a will can give you peace of mind knowing that everything will be taken care of when you’re gone.

Even those who have a will do not have a comprehensive estate plan. So, do you have a will or are you still in the process of getting one? Whenever you come up with an idea, think outside the box.

A will is a legal document that says how your property will be distributed after your death, however, it doesn’t have to address every issue you have. Estate planning is therefore so important. An estate plan is a broad overview of how you want to manage your affairs in life and beyond. There are several important topics covered in it, including: 

  • A durable general power of attorney that assigns someone you trust to make financial, personal, and medical decisions on your behalf. 
  • Appointment of a guardian for any dependent on death as the other parent also dies.
  • An advance care directive that outlines your wishes for definitive care.
  • Participate in the assignment of beneficiaries and life insurance from your superannuation fund.
  • Appointing a life insurance beneficiary outside your pension fund
  • Any disposition of impersonal assets, such as assets in a corporation or trust.

Which Business Administration can you join?

Each person has a unique situation. Family Dynamics Retirement Settings Your Property Are you a business owner? This will affect what you need to include in your will and estate plan.

Phil is an attorney with over 35 years in private practice and over 25 years in trust and estate planning. As Attorney General of Numbers Pro Wills & Estates, Phil consults and prepares probate documents. General Power of Attorney, Ten Commandments, and Estate Management for clients throughout Australia. It also provides advisory services to clients in conveyancing and property law, commercial law, and state taxation.

The majority of Phil’s free time is spent with his family when he isn’t working. Read new books and see what’s new along with fine Scotch whisky, red wine, and cheese, Phil also enjoys playing the trombone in the Melbourne Liars Big Band!

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