Nobody likes to think about getting older but it happens to all of us.
During this phase of your life we want what ticks your boxes inside and it’s often about the feeling of engagement in life itself and making your income last.
The better we plan for it, the more comfortable we are likely to be in our old age, and the better our loved ones will be provided for after we’ve gone.
However, it can be daunting trying to make the best plans for the future. What happens if you reach a time in your life when you are no longer capable of making important legal and financial decisions for yourself? Here are a few things it’s worth taking into consideration to plan for your old age and beyond.
An Estate Plan sets out your instructions for what you want to happen to all your assets after your death.
Anyone aged over 18 and mentally competent can make an Estate Plan.
It includes various legal documents including your will, and any other documents relating to how you want your finances and assets distributed. It also includes any Powers of Attorney you have put in place in case you are ever incapable of making important financial and legal decisions for yourself, as well as a Guardianship Appointment to allow those close to you to make decisions about your health and welfare if necessary.
Disclosure Statement: Paul Burton is an Authorised Representative #244695 of Professional Investment Services Pty Ltd (ABN 11 074 608 558, AFSL 234951).