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Estate Planning
At Bailey Capital Management, we recommend that clients seek
advice from our Estate Planning Specialist on setting up their
will, enduring power of attorney and or trust. We ensure your
estate planning objectives can be achieved in the most tax
effective manner with assets going to the correct parties and not
the state.
Wills
Setting up a valid will enables you to have your assets
distributed according to your wishes. You may not realise,
that if you die without a will, (this is called dying intestate),
your assets will be distributed to a pre-determined formula.
This could result in relatives making a claim to your estate that
you may not have intended.
A carefully and professionally constructed will allows you the
peace of mind to know your choice of beneficiaries will receive
entitlements according to your instructions, and can be set up in
manner that is tax effective where the assets are protected.
It is important to ensure your will instructions remain current
and take into account changes to your family situation, such as
marriage, divorce, birth of a child etc, as changes such as these
can cause complications whereby individuals are inadvertently
included or left out as potential beneficiaries to your estate.
Enduring Power of Attorney (EPA)
An EPA is a legal document authorising someone to act on your
behalf, in accordance with your instructions, should you become
unable to do so for yourself.
By setting up an EPA, you are effectively giving an authority to
a trusted person to step in and manage your affairs. The EPA
can be set up to specify as few or as many actions as you desire,
that the person can do for you. It can be activated on your
request, however, it is designed to take full effect at a time when
you are no longer able to manage your own affairs, such as, if you
are hospitalised due to injury, suffering intellectual disability
or just no longer able to handle the administrative
responsibilities of your situation. An EPA will ensure that
your affairs will continue uninterrupted when it is most
needed.
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