Estate Planning is about making sure your family is provided for and that your assets go where you want them to after you die. If you pass away without a Will your assets will be allocated as per the current legislation, this may not be in line with your wishes.
A good estate plan will:
- Ensure that the ownership and control of your assets pass to your intended beneficiaries in the correct proportions;
- Minimize tax being imposed on the income and capital gains earned on those assets;
- Protect those assets should a beneficiary be involved in any legal difficulties, for example, bankruptcy or divorce.
Essentially, a good estate plan can provide you with peace of mind and minimise potential complications for your beneficiaries.
Firstly, have you accumulated sufficient assets to provide for your family and pay off any debts in the event of your death? If you determine there is a short fall, your financial planner will be able to suggest some ways for you to make up the shortfall.
If you are injured and unable to control your investments, have you chosen someone to manage your affairs for you whilst you are recuperating? This is known as an Enduring Power of Attorney. It gives another person the legal power to act on someone's behalf in relation to their financial affairs.
You should review your estate planning needs on a regular basis, and particularly when an important event occurs, such as:
- Retirement
- Marriage
- Divorce
- The birth of a child
Each of these events can be a life changing experience for you and your family and should trigger a consideration of your estate planning needs and objectives.
If you are considering a review of your Estate Planning, we are happy to provide information to help get you started and referrals to other professionals if required.