An estate plan can provide financial support and protection for your loved ones when they need it most.
An effective estate plan can:
- Minimise tax for your loved ones
- Give peace of mind that your money and assets are going where you want them to
- Provide much needed financial support and organisation in a challenging, emotional time
- Can help eliminate family disputes
The emotional toll that comes with a loved one passing should be enough for family and friends to endure.
However, what most forget is the legalities that follow after a person’s death – one being dealing with the wills and estates of that person who passed away. However, little do some know just how complicated this whole process becomes when no prior formal arrangements have been made before that person passes.
It potentially creates unnecessary legal issues if the person who passed away left without proper planning in place. This may cause complications and unnecessary stress for the loved ones involved.
The simple way to avoid this is proper estate planning.
It’s important to make time to tackle your estate planning tasks to ensure you don’t leave behind a complicated legal mess.
To do that, it’s best to work with an estate planning advice specialist to ensure that all your finances and legalities are in check for the future.
In this article, we’ll help you get a headstart on estate planning with the essential documents that could help you get all your affairs in order.
#1: Last Will and Testament
Basically, a will gives you the power to decide on the best interests of your children and loved ones when you pass on. Besides that, a Will also determines what happens to your financial possessions and sentimental value. Not to mention, you can also include funeral provisions.
So many Australians die without a will which can mean that your money, assets, and possessions may not be given to who you want.
#2: A Trust
If you have a particularly large estate, you may like to consider setting up a trust to manage your estate. You can choose to manage the trust on your own while you are alive.
For estate planning, you can also appoint a trustee who can manage the trust as per your wishes.
#3: Superannuation and Death Benefit Nominations
A common question I receive from many retirees is “What happens to my super when I die?”.
It’s a great question. We spend our whole lives building our super so it only makes sense that when we pass away, it goes where and to who we want it to.
Your super is a valuable asset. A super death benefit nomination allows you to pass your super on to the right person or people. Without it, your super fund will determine who should receive your super.
There may also be opportunities to manage or avoid death taxes that often apply to superannuation money, which you can discuss with a financial adviser.
#4: A Power of Attorney
When it comes to estate planning, you may like to consider appointing a power of attorney. A Power Of Attorney is a document that gives another person the power to manage your affairs in your absence or if you are medically unfit to do so
It’s important to pick the right person for this role and to ensure they understand your desires and financial situation.
Getting Estate Planning Advice is Crucial to Ensure Your Loved Ones are Best Protected
Getting estate planning advice is a great way to take care of your family and loved ones even after you pass.
Here, you provide legal documentation to help them decide what to do with your assets, information, properties, and more. Of course, it’s always a good idea to work with financial advice specialists to ensure that all legalities and your finances are in place.
How Can We Help You?
Things can get pretty complicated when you start dealing with your estate finances. With that being said, it’s only right to work with financial advice specialists who could help you make sound decisions for your personal and business finances.
Novo Wealth can help you with your retirement and estate planning.
Are you looking for a financial adviser in Adelaide?
IMPORTANT; This information is general in nature only. It does not take into account your individual circumstances. We recommend that you seek professional advice before making any investment decision.
