How to make Estate Planning feel less boo-ring this Halloween
Ah, October. The season of pumpkins, ghost stories, all the lollies and chocolate you can scrounge up from your pantry for the adorably sweet-toothed trick or treaters … and of course, the commencing of your annual Addams Family rewatch. How good’s spooky season?!
To commemorate Halloween this year, why not silence the voice in your head that’s constantly telling you to GET. THOSE. AFFAIRS. IN. ORDER. STAT! And, well… start or update your Estate Plan? This is kiiiinda our specialty, so allow us to follow you into the dark. We mean… guide you to the light. (Phew.)
Gather your coven
While creating your own Will is super important, if you’re scared stiff, gather the coven and update your Wills together (and you don’t have to wait ‘til witching hour to get started and make a night out of it!) Sounds like a pretty fun (albeit strange) party to us. BYO broomsticks.
Spill your guts
Okay, well, not literally. But, it’s often a good idea to let your family know about your end-of-life and funeral plans and wishes (and you could also create a Deed of Family Arrangement, while you’re at it.)
Additionally, if you’re not doing a 50-50 inheritance split among your adult children, now would be a good time to explain your reasoning behind this (and ensure you have clearly detailed this reasoning in a Statement of Wishes, as well). While sure, you could be met with a ghost-town silence at the dinner table, at least everyone will be on the same page. Right?!
Get those skeletons out of the closet
Assets, assets, assets – where art thou? Oh yeah, scattered all over the house with no clear paper trail (are we right or are we right?) Now would be an ample opportunity to brush off those cobwebs and pull those important skeletons – we mean … paperwork … out of the closet. In other words, list all of your physical assets and liabilities in one place. You know, like your castles, cars, spooky possessions and more. The usual stuff.
Trick or trust?
When planning your estate, it’s important to consider the effect it has on taxes, as well as any tax benefits that you should probably know about (depending on the size of the estate).
As for the question on everyone’s lips – “trick or trust?” Well, sometimes, it’s a good idea to have both a Will and a Trust. Why? Well, consider speaking with an expert to discuss your taxes and everything you need to know about opening a trust for that one. (Right now, it’s time for us to fling up those Halloween decorations. Cya!)
Wrap up
Above all, make sure you have a written Will. We don’t mean to spook you, but if you don’t, you could be considered to have died intestate, and that could come back to haunt you, ya ghoul. Best practice is to start Estate Planning today, and throw that Will-writing/Halloween party tomorrow. (Find our Spotify playlist here.) Wednesday Addams would be so proud.
Disclaimer: The content of this blog is intended to provide a general guide to the subject matter. This blog should not be relied upon as legal, financial, accounting or tax advice.
