It’s a myth that only old people need to worry about an Estate Plan. The fact is, anyone over 18 with Super, money in the bank or assets should make plans so it ends up in the right hands.
Not where Government thinks it should go.

There are many benefits to having an Estate Plan including:

• A way to protect your assets and make sure they go to the beneficiaries you choose
• Arrange guardianship for minors if you have any children
• Identifies healthcare directives in case you’re incapacitated
• Protects any financial investments and accounts you may have
• Naming and assigning an executor so it’s clear who is organising the distribution of your affairs
• Working out a structure to leave your money so it’s not eaten away by taxes

Now, you may be thinking that you don’t need to put your affairs in order for quite some time as you’re fit and healthy and your family members will do things right by you (won’t they?)

But isn’t it better to have everything in writing before that time comes?

Start the conversation with an impartial person

It’s often easier to have challenging and sometimes awkward conversations about your finances with someone outside your immediate circle of friends and family.

This is especially true of estate planning where the initial discussion can be highly emotional and may bring up unresolved issues and complicated family dynamics.

Your financial adviser is in a good position to be that person

Think about it. Your adviser is already across your goals, values and money life. Starting the conversation about how to transfer your wealth and wishes for end of life or illness can be with someone you already know means you don’t have to start from the beginning again.

You’ve worked together to grow your wealth and it makes sense to let them help you protect it and preserve your legacy.

Estate planning is not as simple as writing a will and filing it away. It also involves developing a strategy around how your assets will be distributed to your beneficiaries after you die (so it doesn’t get eaten away in tax). And creating a letter of wishes so your loved ones know what’s important to you and how to carry out your requests.

Think of the worst. Plan for the best.

Imagine if something unexpected did happen to you. The first thing you would want to do would be to protect your loved ones and make things as easy as possible for them.

One way you can do this is to speak to a financial adviser and, at the minimum, find out what is involved to get the ball rolling with planning your estate. While it’s not an easy discussion to have, it will make things easier for your loved ones in the long run.

We work closely with carefully chosen Estate Planning lawyers to dot the I’s and cross the T’s you need for a legally binding document.

Seeking professional guidance from a financial adviser and lawyer can stop your inheritance from getting eaten away by taxes or ending up in the wrong hands.

Ready to talk about your Estate Planning needs with us?
Get in touch

Whats in Your Estate Plan?

An estate plan can include the following documents

• Your will
• A testamentary trust (as part of your will)
• Superannuation binding nominations
• Healthcare directive (power of attorney, guardianship, organ donation etc.)

The healthcare directive is quite significant as it will make sure you are cared for and looked after by the people you nominate. Your money and assets are protected and won’t be taken advantage of by people you have not listed in the directive.

If you include an anticipatory directive within your documents, this will provide vital details if you may need medical treatment in the future, including end of life, DNR details etc. Unfortunately, we often hear stories about family members or friends taking advantage of people when they cannot care for themselves. Having your estate planned out will prevent this.