Estate planning involves developing a strategy to deal with your assets after you die and involves the legal instruments and structures, such as a will, you put in place to transfer your assets in the event of death. Estate planning is a subject that we don’t like to think about but in essence it involves ensuring peace of mind through making sure that the investments you make now are passed on to your family or beneficiaries in the most effective way.
Developing an effective estate plan will ensure that:
- Any tax payable is minimised
- The ownership of assets pass to the intended beneficiaries
- Assets are protected if any beneficiary has any legal issues
Given that family structures are becoming more complex, estate planning has become even more important in today’s society and often can involve more than a simple will. Due to its potential complexity it is recommended that you seek professional advice to assist you with implementation once you have considered your options.
Discover what is right for you with regard to:
- Powers of attorney
- Testamentary trusts
- Taxation implications
- Estate planning for superannuation
Estate planning is often easily overlooked but has a huge impact on those you leave behind. Make sure your loved ones receive your legacy in the way intended.