Estate Planning
Estate Planning – more than just making a Will
Estate Planning amounts to far more than simply making a Will. It involves arranging your estate so that when you or your partner dies, the right funds and assets go into the right hands at the right time. It gives you peace of mind, and it gives your family the benefit of having an estate which will take care of their needs and distribute the funds in the best possible way.
To help you with your estate planning process there are 5 key steps to consider.
- Organise your finances and assets during your lifetime
- Ensure that your assets are distributed to those for whom you are responsible
- Do it at a time when you have the capacity to make strategic decisions for yourself
- Minimise the taxes payable on your estate
- Make the right decision now so that you have more certainty that your assets are distributed in the way that you – not the government or a court – want them to be
You must be mindful who the beneficiaries are, what to leave them, the administration of assets and the effective distribution of estate.
By getting the right estate planning advice, strategies can be implemented so that certain assets go to certain people to manage the tax that may be payable.
How your financial planner can help with your estate planning?
Your financial planner can help you review your objectives and needs and develop your own estate plan. Your estate plan would include your family details; your financial objectives if you were to die, become disabled or suffer a trauma; and would help identify any potential legal issues that may need to be addressed.