At Financial Decisions, we encourage you to ensure that your family is provided for and the wealth you have accumulated over your lifetime is distributed in accordance with your wishes after you die.
An estate plan is more than just a will – it also considers your superannuation and powers of attorney as well as assets held solely, jointly or in private companies or trusts.
We believe a well thought-out estate plan:
- ensures the ownership and control of your assets pass to your intended beneficiaries in the right proportions;
- minimises the tax impact on your estate and beneficiaries;
- assures that your estate is administered in a cost effective and timely manner; and
- protects assets if a beneficiary encounters legal difficulties, eg. bankruptcy/divorce, or under a legal disability.
Our team will guide you on whether you have accumulated enough assets to provide for your family and pay off your debts if you die. You will also need to consider who will inherit your assets and in what proportions and, if you are sick or injured and unable to control your investments, who will manage your affairs.
You should review your estate plan at least once every three years and whenever your circumstances change, such as when you:
- get married, live with a partner, separate or get divorced;
- have children or step-children
- buy real estate or other valuable assets
- buy, sell or operate a business
- have superannuation, which may not be covered by your will;
- have family members with special needs or children who are vulnerable; and
- set up a family trust or company.
These events can be life-changing experiences and should prompt you to think about your estate planning needs and objectives.
We will provide expert advice in relation to this important part of your overall financial plan as well as peace of mind to avoid potential complications for your beneficiaries.