Steps to Complete Your Estate Plan

Estate planning involves more than just a Will; it includes several other essential documents. After completing your Will with us, consider incorporating the following documents to ensure comprehensive coverage for various scenarios.

Documents to Further Protect Your Children

Appointment of Temporary Guardianship

If you have children, this document is crucial. It allows you to appoint temporary guardians if you and your spouse are unreachable, such as during a quarantine, or if permanent guardians live abroad and need time to reach your children.

Letter of Wishes for Your Children

While you can’t predict the future, you can still influence your children’s upbringing. Write a letter to the guardians and executors detailing your wishes for your children’s education, lifestyle, and diet.

Other Essential Estate Planning Documents

Enduring Power of Attorney (EPA)

Recommended for individuals who hold most of their financial assets in their sole name, an EPA allows you to designate someone to manage your financial affairs if you become mentally incapacitated, ensuring your medical bills, mortgages, and loans are paid.

Advance Directive (AD)

An AD lets you specify your end-of-life wishes, such as whether to continue life-sustaining treatment if you become terminally ill. This document can ease the burden on your family and minimise conflicts about such decisions.

Storage of Your Estate Planning Documents

Instead of storing your estate planning documents with other papers where they can be forgotten, keep them in a fireproof safe. Storage membership offers this service for a small annual fee per document, including your spouse’s documents. This membership includes yearly reminders to update your estate plan and ensures that executors can locate your Will to initiate the legal process.

Additional Considerations for Your Estate Plan

Tax Considerations

Consult with tax advisers to understand and plan for any inheritance or estate taxes that may apply to your assets.

Insurance

Consider insurance as part of your estate planning to provide the best protection for your family.

Trusts

Setting up living trusts can be beneficial, especially for family members with special needs or to maintain family wealth.

Overseas Assets

For assets in different jurisdictions, have separate Wills for each country to comply with specific succession laws, reducing the time and hassle for your family and friends in managing your estate.

Contact Us

Ensure your estate plan is comprehensive and up-to-date. Contact our knowledgable advisers at Oreana Private Wealth today to get personalised guidance and support for all your estate planning needs.ith us, consider incorporating the following documents to ensure comprehensive coverage for various scenarios.