Estate Planning

We know that the thought of leaving behind a family and loved ones without an estate plan can be daunting. This is why estate planning is extremely important. An estate plan determines who your assets will be passed on to prior to a person’s passing, ensuring complete peace of mind for you and the people in your life.

Are you concerned about who will receive your assets and how these will be distributed should you or your partner die?

What is Estate Planning?

To put it simply, estate planning is the process of making sure your belongings and assets are passed onto your nearest and dearest, as per your wishes. It allows you to distribute everything you have to ensure that all is managed once you’re gone. To gain a deeper understanding of what an estate plan is and why it’s crucial, we can take you through the basics of estate planning.  While it can seem overwhelming, it’ll help put you and your family in a less stressful position.

What do you need to consider when creating an estate plan?

Estate planning is often equated to just making a will, however, this isn’t the only component that we consider when we walk you through the process. We help you understand the process and make decisions about what will happen to your estate should you or your partner die. We help you to ensure that the will you have in place accurately reflects you and your family.

When determining who will receive your assets and how these will be distributed, there are a few things that need to be considered:

• Do you want your will to be legally binding?
• Who will your super and insurance benefits go to?
• Do you want to appoint a power of attorney to make decisions for you if you are no longer able to?
• Have you chosen an executor who will carry out your wishes once you have passed?

Who can benefit from an estate plan?

An estate plan would benefit anyone with assets such as:

• Property
• Shares
• A superannuation fund
• A life insurance policy
• Valuable goods (such as jewellery, and antiques)

This would ensure that the control and management of such assets are clearly defined.

Furthermore, if you have people around you that financially depend on you (such as children, spouses, parents, and siblings), planning an estate would ensure they get the proper care they need and are looked after once you’re gone.

Learn more about the benefits of effective estate planning.

What is included in an estate plan?

Estate planning doesn’t just include the writing of a will. It’s important to make strategic decisions while you are still capable. 

Changes in financial situation, acquisition of assets, purchases of property or the birth of a child all impact your estate and your will and we review these in order to develop your own estate plan. We clarify how the tax process works and who manages this for you.

Here are some other things we can help you with:

• Power of attorney
• Family trusts
• Health care proxy
• Naming beneficiaries
• Financial planning

Financial Planning in Adelaide

We believe that it’s important to make strategic decisions while you are still capable. This includes talking through any major life events since you last reviewed your will to ensure that it is up to date.

At MBA Financial Strategists, our expert financial advisers can review your current estate plan or can help you create one.
Contact us today or book an appointment with a financial adviser today.