I’m six weeks away from having my second child and all of the normal feelings of excitement and nerves are in abundance!
This time round however, I am feeling more comfortable that my children will be brought up the way I want, and be provided for financially, if the worst were to happen. If I were to die, or my husband and I were to die together, we now have a plan which gives us huge peace of mind. We know that our children will have the best guardians they could possibly have, and they will not be left under any financial stress.
As the reality of becoming a mum for the first time two years ago rushed towards me, it gave me that kick up the bum to take some important things out of the ‘too hard basket’ and get sorted. It was only while stocking up on nappies and onesies did I see the importance of having adequate personal insurances. My husband and I were about to become responsible for another human being! Our baby would be totally dependent on us. I quickly organised with a trusted adviser to review our situation and together we went through a process that analysed our position, understood our needs, and put appropriate cover levels in place prior to the arrival of baby Lachlan (just in the nick of time!)
This second time round, I have been a little more organised. I knew I needed to refresh the $30 Post Office will kit my husband and I put in place ten years ago when we got married. Our only dependent then was our beloved Golden Retriever fur baby, Max. He was going to be well taken care of in my or our absence, and our limited super balances would be passed on to each other in the first instance, or the people we wanted if we both passed away (or so we thought).
We still hadn’t changed this will since having Lachlan, so I decided to attend one of the Estate Planning sessions run monthly at our offices by Bronwen Charleson, (Principal Lawyer) or Daniel Black (Senior Lawyer) at Coulter Roache Lawyers—I soon realised that our post office kit was in fact not sufficient and neither were our assumed superannuation arrangements.
Bronwen spoke about various strategies to pass wealth on to intended beneficiaries in the most protected manner. Depending on circumstances this could be a simple plan to a more comprehensive trust that provides asset protection, tax advantages and a plan and statement of wishes around the care of minors. I met with Bronwen not long after the session and had her ‘refresh’ (i.e. completely rewrite) my will and even include and allow for number two!
If you would like to attend an Estate Planning Session, info and registration details can be found on our website and our next free information session is Monday 11th July, 5:30pm at our Geelong office.
As an additional tip, here is a link to an external site which outlines some of the important aspects of Estate Planning.
Head of Innovation
Please note: The advice in this article is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.