Financial Estate Planning

Estate Planning Financial Advisor Adelaide

Novo Wealth is an estate planning financial advisor in Adelaide, assisting clients and their families with creating an estate plan through personal financial advice and wealth management services.  

The core of all our financial services – including estate planning advice – focuses on secure, professional, and ethical financial planning that improves your financial circumstances AND helps make the world a better place.  

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What is Estate Planning?

Estate planning is a specialised area of financial planning centred on preparing to manage an individual’s assets and wealth in the event of their incapacitation or death, which can involve many legal and financial complexities.

Many people think this means creating a will, however, making an estate plan involves going beyond making a simple will. Estate planning considers the process of estate administration and how to protect your wealth. It’s designed for asset protection to ensure ongoing financial security for your loved ones. It is not just the distribution of your assets and wealth.

What are the main steps in estate planning?

The estate planning process can become quite complex depending on the types of assets you have, asset location (e.g. in Australia or international), and how you wish your estate to be managed and/or distributed by those who will inherit it.

The first step is to take a deep dive into your financials, including all assets and debts, to get a comprehensive and detailed scope of your overall wealth and estate. To complete this step, it is best to speak with a financial planner who has experience as an estate planner. Not only will they be able to provide you with financial and investment advice, but also advice on the tax implications of a proposed estate plan regarding your assets, debts and inheritance for you and/or your family members.

Creating an estate plan is not only a financial endeavour, but it is also a legal one. A variety of legal documents will be required to secure and manage your wealth and estate during your lifetime and beyond.

In regard to the legalities of estate planning, Novo Wealth financial planners will work in conjunction with you and your solicitor or estate planning lawyer to protect your wealth. Consequently, we can ensure your assets will pass smoothly and tax-effectively to your loved ones.

Why You Need an Estate Plan: Secure a Prosperous Financial Future For Your Family

 

Whether your only assets are a home and superannuation, or you have a diverse portfolio of assets worth millions of dollars, making an estate plan can prevent your loved ones from going into financial freefall. Losing a loved one is already a difficult time to navigate logistically and financially, without the added strain of more major financial decisions to make.

Additionally, an estate plan can be a great way to leave your legacy the right way. A financial planner can help you to discover how best to structure income tax for your beneficiaries and provide advice on wealth preservation.

Why is Estate Planning an Important Part of a Comprehensive Financial Plan?

 

The benefits of having a well-structured estate plan as part of your financial plan include:

  • Reducing the tax payable on the income and capital gains earned on assets, maximising tax efficiency for your estate and your beneficiaries.
  • Ensures your assets are protected for the long term, in case one or more of the beneficiaries is involved in any legal difficulties such as divorce or bankruptcy in the future.
  • Provides financial support to loved ones in the event you are no longer able to provide for them.
  • Reduces the potential for will disputes to occur, which can be both financially and emotionally costly, and ensure your assets and/or wealth are distributed according to your wishes.
  • Ensures the practicalities and arrangements are taken care of so your loved ones can grieve in peace.
  • Provides clear instructions for your loved ones should you be unable to make financial decisions regarding your estate (assets, investments, etc.).

Next Steps

No one intentionally leaves behind complications for their loved ones. However, countless families are burdened with unnecessary difficulties due to an out-of-date will and lack of an estate plan.

As a result, with some planning, you can make sure it’s easy for your loved ones to receive what you leave behind.

Our financial planner can help you with your estate planning needs.

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