As part of a finance brokers needs analysis, the subject of Wills, Estate Planning and Powers of Attorney are a crucial topic to be raised in initial discussions.
Often, prospective borrowers do not have a will in place, or if they do, it could be out of date, especially if their personal situation or circumstances have changed since the previous Will.
It is too often noted that younger borrowers, whether single, married or in de facto relationships, often do not have a Will or Power of Attorney in place.
An example recently was that of a couple who had a home (solely in the husband’s name), and the husband sadly passed away, leaving his spouse in the property and as a joint borrower in the loan.
However, as the husband did not have a Will or any Life Insurance, the lender could foreclose on the property as the spouse was unable to have the property transferred into her name.
Whilst Wills and Powers of Attorney could be the last matter on people’s minds, it is an important issue, as endeavouring to proceed with the Estate could become a nightmare. Therefore, this is an important component that can save significant stress and angst further down the line if circumstances change abruptly.
If you are looking for help or guidance with preparing wills and/or estate planning, Flakus and Associates has access to a number of professionals who specialise in those areas who can help.
Tags: estate wills