7 Reasons to Get Your Affairs in Order in 2024

Can you believe that 2024 is almost here? Where on earth has 2023 gone? Like most people, you’ll probably start to focus on personal goals for the new year, like fitness and wellness. But what about your financial or legal goals? Getting your affairs in order is a great way to start the year proactively, providing peace of mind and ensuring you work towards a secure future. In this post, we’re exploring seven reasons to get your affairs in order for 2024. 

1. Clarity for Your Loved Ones: 

By organising your financial records, wills, and important documents, you make it easier for family members to understand your wishes and navigate the necessary legal processes in the event you become incapacitated or pass. While it’s tough to think about these things, it’s a thoughtful act that can alleviate so much stress for your family during difficult times. The Law Society of NSW has a great resource that covers the importance of a will.   

2. Protecting Your Assets: 

Organising your affairs is a proactive step in safeguarding your assets. This includes creating or updating your will, establishing trusts, and reviewing your insurance coverage where suitable. Most people have some idea about what they want to happen to their belongings or other assets. By taking these measures, you’re in control of how your assets are distributed, potentially minimise the impact of taxes, and provide financial protection for those you love. 

3. Estate Planning for Wealth Preservation: 

Estate planning goes beyond just creating a will; it’s the process of arranging your affairs now to ensure there is an efficient and effective distribution of your estate after your death. Estate planning involves a comprehensive strategy to preserve and manage your wealth during your lifetime and for the benefit of future generations. Whether setting up trusts, designating beneficiaries, or exploring investment options, effective estate planning ensures that your hard-earned assets continue to work for you and your family. 

Crafting the right estate plan for your personal situation requires experienced estate planning lawyers. Here at Oliver Howells & Co., we actively listen to your desires, consider your financial situation, and provide legal guidance to tailor an estate plan specifically suited to your needs. 

4. Preparing for the Unexpected: 

Life is unpredictable, and unforeseen circumstances can arise. From accidents to sudden health issues, having your affairs in order prepares you and your family for the unexpected. 

Consider establishing an enduring power of attorney and advance care directives to ensure that someone you trust can make financial and medical decisions on your behalf if you become incapacitated. 

5. Streamlining Financial Management: 

Getting your financial affairs in order involves more than just filing paperwork. It’s an opportunity to assess your financial goals, budget, and investments. Take the time to review your financial accounts, consolidate if necessary, and create a clear financial plan for the year ahead. If you’re not sure where to start, we recommend chatting with a financial advisor who can work with you to put in place strategies such as: 

• Paying off your home loan quicker
• Saving money and growing your assets
• Boosting your super balance with tax-effective strategies
• Protecting your income
• Building an investment portfolio
• Giving your kids a head start and helping them secure their future.
  

Source: BT

This not only streamlines your financial management but also puts you on a path to achieving your financial objectives. 

7. Peace of Mind for a Prosperous Year: 

Taking Practical Steps for 2024 

Now that we’ve explored reasons to get your affairs in order let’s discuss some practical steps you can take to kickstart the process for a prosperous 2024: 

a. Conduct a Financial Checkup: 

Review your financial accounts, investments, and budget. Identify areas that need adjustment and set clear financial goals for the year. If you’ve never had a budget, check out the moneysmart.gov.au Budget Planner.   

b. Update Your Estate Plan: 

If you already have an estate plan, review and update it. If you don’t, now is the time to consult with an estate planning lawyer to create one. 

c. Organise Important Documents: 

Gather essential documents such as wills, insurance policies, deeds, and advanced healthcare directives. Store them in a secure and easily accessible location. 

d. Explore Tax Planning Opportunities: 

Stay informed about any changes in tax laws and explore opportunities to optimise your tax strategy. Consult with a tax professional for personalised advice. 

e. Communicate Your Wishes: 

Discuss your financial and estate plans with your loved ones. Transparency about your intentions can prevent misunderstandings and conflicts in the future. 

f. Invest in Professional Advice: 

Consider seeking guidance from financial advisors, estate planning lawyers, and tax professionals. Their expertise can help you make informed decisions tailored to your specific circumstances. 

g. Set Up Financial Safeguards: 

Establish or update your enduring power of attorney, advanced healthcare directives, and any other legal documents necessary for unforeseen circumstances. 

Getting your affairs in order for 2024 is not just a resolution. 

Getting your affairs in order is a proactive step toward a secure and well-planned future. By comprehensively addressing your financial and legal matters, you empower yourself to navigate the year ahead with confidence, clarity, and peace of mind. So, let this be the year you take charge of your financial destiny and lay the foundation for a prosperous and worry-free future. 

If you want support navigating any of the above, contact our friendly and experienced legal team at 02 4092 7676 or admin@oliverhowells.com.au. We offer free 15-minute consultations, and believe us when we say we don’t believe in ‘silly questions’. You’re in safe hands when you choose Howells & Co Legal & Conveyancing, and we’ll support you every step of the way.