What is Estate Planning?

What is Estate Planning?

Estate planning is a crucial aspect of financial management that often goes overlooked until it’s too late. It involves careful consideration and documentation of how your assets and wealth will be managed, protected, and distributed upon your passing. By engaging in estate planning, you can ensure your family members and loved ones are well taken care At MBA Financial Strategists, we understand the importance of estate planning in securing your financial legacy.


Understanding Estate Planning

We believe that estate planning is not just about drafting a will or creating a trust. It encompasses a broader scope of financial, legal, and personal decisions that can shape the future of your estate. It also involves formalising how you want to be looked after (medically and financially) if something happens to you, or if you’re unable to make your own decisions later in life. Let’s explore some crucial elements of estate planning that you need to be aware of:

Will and Testament:

A will is a fundamental document that outlines your wishes regarding the distribution of your assets, guardianship of minor children, and the appointment of an executor to manage your affairs. It ensures that your intentions are legally binding and enables a smooth transition of your estate.


Trusts are a part of estate planning that offers a flexible mechanism for managing and distributing assets while providing protection and control. They allow you to safeguard your wealth, potentially minimise tax implications, and define specific conditions for beneficiaries to access their inheritance.

Power of Attorney and Advanced Healthcare Directives:

These legal documents grant authority to a designated person to make financial or healthcare decisions on your behalf if you become incapacitated. Choosing a trusted individual ensures your interests are protected and your wishes respected during challenging times.

Beneficiary Designations:

Estate planning involves reviewing and updating beneficiary designations on various accounts, such as life insurance policies, retirement accounts, and investment accounts. Ensuring these designations align with your overall estate plan is vital to avoid unintended consequences.

Minimising Taxes:

Proper estate planning can help reduce potential tax burdens on your estate, leaving more for your loved ones. Strategies like gifting, charitable contributions, and utilising tax-efficient vehicles can be implemented to maximise the value of your estate.

Business Succession Planning:

If you own a business, a well-thought-out succession plan is essential. It ensures the smooth transition of your business interests, minimises disruptions, and preserves the value you’ve built over the years.

Regular Review and Updates:

Life is constantly evolving, and so should your estate plan. Regularly reviewing and updating your plan is essential to account for changes in your financial situation, family dynamics, and legal requirements. This ensures your plan remains relevant and aligned with your goals.

Estate Planning with MBA Financial Strategists

Estate planning goes beyond merely distributing assets, it is a comprehensive strategy that encompasses various legal, financial, and personal considerations. Working with experienced professionals can provide you with the expertise and guidance needed to create a robust estate plan tailored to your specific needs and objectives. Remember, it is an investment in the future well-being of your loved ones and the preservation of your legacy. Don’t delay, start planning today.

If you are wondering more about what is an estate plan, our financial advisers are here to help. At MBA Financial Strategists, our team of experts is dedicated to assisting you in creating a customised estate plan that aligns with your unique goals and aspirations. Take control of your future today by prioritising estate planning and ensuring a secure financial future for your loved ones. Book an appointment or phone the office on tel |PHONE| and get started with estate planning today.

MBA Financial Strategists Pty Ltd ABN 13 008 285 756 is an Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited, Australian Financial Services Licensee and Australian Credit Licensee. This article contains information that is general in nature.  It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.