Successfully planning for your estate

ESTATE planning is the process of making arrangements to deal with your assets when you pass away or become incapacitated.
But it’s not always that simple, Tasmanian Perpetual Trustees senior manager trustees Brent Kenna said.

Things like appointing the right person for the job as executor and knowing estate planning is not just about your assets and Will are some of the things often overlooked.

“Estate planning and making a Will also documents who is responsible for carrying out your wishes, be it a loved one, a solicitor or an organisation such as Tasmanian Perpetual Trustees,” Mr Kenna said.

“An Estate doesn’t just refer to property or land, it actually includes a number of things that could be overlooked including cash, liabilities like loans or debts, real estate, term deposits and superannuation.”

Picking the right executor, a person responsible for settling your Estate, is critical as it requires legal and financial understanding to do it successfully.
“Many people like to appoint a professional executor like Tasmanian Perpetual Trustees, rather than leaving difficult and emotional tasks to loved ones,” Mr Kenna said.

“It’s important you pick the right person to distribute your assets, as the death of a loved one can be an emotional time for everyone involved.”
Mr Kenna also stressed the importance of not leaving it too late and updating your Will every three to five years.
He said updating your Will should be considered when your circumstances change, such as marriage or divorce, buying or selling property, or if there has been a birth or death in the family.

“Revising your Will is just as important as making one,” he said.

“If you don’t have any formal arrangements in place, your Estate will be distributed under a statutory scheme and may not reflect what you would have wanted.”

Tasmanian Perpetual Trustees was established especially to be an impartial and professional executor and trustee for Tasmanians and with more than 130 years of experience, you will have confidence knowing your Estate will be managed professionally by local experts.

To make an appointment with an Estate Planner, phone 1300 138 044 or visit tasmanianperpetual.com.au.