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.