Estate & Legacy Planning

You already know the benefits of a good financial plan for your money. So now might be the time to ensure this hard-earned money ends up in line with your wishes should you pass away or become incapable of looking after your own finances. Everyone needs to address and understand the importance of a proper estate plan sooner rather than later, and your financial adviser can help.

Estate planning is vital for you if you want all the assets (your investments, superannuation, and insurance and other income streams) you have worked hard to acquire all your life to be distributed to the right people in a timely and tax-effective manner. A Will can indeed go towards ensuring this but effective estate planning goes far beyond one single document.

Your financial adviser is best placed to help you plan around your overall wealth picture with an estate plan. Your financial adviser’s knowledge of your individual circumstances can really assist you with putting in place a successful estate plan.

Combining the expertise of your financial adviser and other professionals specialising in law and taxation matters delivers an estate plan that gives you peace of mind that your affairs will be handled exactly as you would like if you become incapacitated or when you die.

Questions to ask yourself…

As part of your estate plan, you will need to consider the following questions:

• Is your Will up to date?
• Do you have adequate life insurance?
• Are there any tax consequences of how your assets are distributed?
• Do you have a binding death benefit nomination for your superannuation?
• Whether an enduring power of attorney and/or enduring guardian is appropriate for you?

If you own a business, you may also need to consider implementing appropriate business succession plans.

Ways your adviser can help

• Accredited advisers can help prepare a testamentary manual with you. A testamentary manual is a document which thoroughly outlines the intentions you have for your estate should you pass away. This document can provide important details to assist in preparing your Wills and Powers of Attorney.
• Your adviser can consult with your solicitor to set up the appropriate financial structures to manage your affairs should the unexpected happen.
• They can source personal life cover to suit your particular circumstances.
• Investigate the most tax-effective options to distribute your wealth to family and beneficiaries.
• Provide the right financial advice to ensure your wishes are carried out and your family is taken care of in the event of your death.