As a Greek Australian, you have worked hard to build a life for yourself and your family. You have put in long hours, made sacrifices, and invested in your future. However, no matter how much we plan and prepare, life can take unexpected turns. That’s why it is crucial to have a comprehensive estate plan in place.
The increasing number of people affected by cancer, heart issues, and other potentially terminal illnesses post-COVID has made it more important than ever to ensure that your wishes are honoured and that your loved ones are protected. Estate planning involves planning for your property, finances, and medical care in the event of your incapacity or death.
An estate plan typically includes a will and enduring power of attorney.
A will is a legal document that outlines how you want your assets to be distributed after your death. An enduring power of attorney is a legal document that allows you to appoint someone to make decisions on your behalf if you become incapacitated.
By having a will and enduring power of attorney in place, you can ensure that your wishes are followed, your assets are distributed according to your desires, and your loved ones are protected. Without these documents, the state or public Trustee may determine how your assets are distributed, which may not align with your wish’s plus being costly.
Another advantage of estate planning is that it can save your family time and money. If you die without a will, your estate will have to go through an extensive probate process, which can be time-consuming and expensive.
By having a will in place, you can streamline the process and minimise the burden on your loved ones.
It is important to note that estate planning is not just for the wealthy. No matter how much you have, it is crucial to have a plan in place to ensure that your assets are protected and your wishes are honoured. Estate planning is also not just for the elderly. It is never too early to start planning for your future.
In conclusion, estate planning is a critical component of financial planning for Greek Australians. Take the time to create a comprehensive estate plan, that way you can ensure that your wishes are honoured, and your loved ones are protected. If you have not yet created an estate plan, now is the time to act.
Don’t wait until it’s too late. Protect your family and secure your future with a comprehensive estate plan. Make the smart choice and get started on your estate plan today.
Tony Anamourlis (CTA) (SSA) is a tax lawyer who contributes to various publications on issues of tax and estate planning