Keep these things in the back of your mind to do this year!
As we head towards the end of the year, now is the perfect time to review some critical aspects of your financial and personal planning to ensure you and your loved ones are well-protected.
Wills
Are you aware that you should hold a valid will at all times?
A person’s will is likely to be one of the most important documents they will make in their life. Having no will, or even a poorly drafted will, can have serious financial and other consequences for those who are left behind. However, even with so much online information and do-it-yourself will kits available, we seem to still be getting it wrong.
The best way to make sure that your assets go to the right people is to get a solicitor or lawyer to draft your will.
Enduring Power of Attorneys
Who would you make your Power of Attorney and/or Medical Power of Attorney if you are incapable of attending to your own affairs?
Corporate Power of Attorneys
Do you have any in place?
These can be invaluable if you lose the capacity to make decisions or are overseas. Who would you nominate to attend to your company’s affairs if you are incapable of doing so?
Life, Income Protection, Trauma and TPD Insurances etc.
Have you recently reviewed the amount of cover that you have for the above insurance types, in light of the value of your assets and the total amount of your debts?
Have you considered life insurance through your Superannuation provider? Please check that each policy is CPI indexed and non-cancellable.
TPD insurance must be for own occupation, not any occupation.
Taking the time to revisit these important areas now can help prevent unnecessary complications in the future, giving you peace of mind that your affairs are in order.
Questions?
Please contact us if you would like help with your Will, Power of Attorney or Insurances. Our experienced team can help. Talk to us today – 07 3263 7030 or tax@mcfillin.com
