It’s no secret that most only want what’s best for their family. For most, there’s also the desire to leave behind a legacy for their family members, so they can still be well looked after even after they’ve passed.

For this reason, estate planning is crucial. Estate planning refers to planning how to distribute your assets and wealth if you pass away. As there is a broad range of matters to include in your plan, it may be difficult to delve into estate planning on your own. You may want to seek personal financial advice to help you begin the process.

An estate plan usually involves a valid will, instructions on funeral arrangements, ensuring your insurance policy is paid to the right loved one, medical decisions and future care.

A comprehensive estate plan can include legal documents such as:

  • Enduring powers of attorney
  • Testamentary trusts
  • Enduring Power of Guardianship
  • Advance Care Directives

The benefit of having an estate plan can include the following,

  • Protection of your minor children
  • Your beneficiaries receive your assets the way you want
  • Family trusts are handled accordingly
  • Can help avoid tax implications
  • Minimise family disputes over asset distribution and organising your affairs

By seeking expert advice from your financial adviser, they can help you begin your estate plan and tailor their advice to your personal circumstances. They can also simplify the process by ensuring you are well-informed when making decisions about your estate allocation and what important documents are crucial to include.

To help you understand better, here are some ways that a certified financial planner can help:

#1 – They Offer Personal Advice and Have Extensive Experience

This is perhaps the most significant benefit of having a financial planner who specialises in estate planning. They should undergo a detailed initial consultation with you to understand your situation, your current assets, and how you wish to distribute your assets.

Once they’ve understood your situation, they can work with you to understand what kind of financial plan and estate plan you need to ensure that your family is taken care of after you pass away. 

They will consider your goals, investments, and all other aspects of your situation to develop the best plan.

#2 – They Can Find Solutions for Distributing Your Assets

Once you’ve discussed your situation with your estate planner, they will develop a solution to distribute your assets. This is usually simpler if you’ve created a will since it acts as the guide to distributing your assets.

A long-term financial adviser can have a greater understanding of a person’s assets and offer advice about how to best distribute them amongst your loved ones. Even if your circumstances change along the way, they can tailor a solution for you.

#3 – Knowledge of the Legal Documents that Are Important To Include in Your Plan

Financial planners are knowledgeable about what important legal documents you should include in your plan to best protect your loved ones and streamline the asset transfer in the event of your death.

Moreover, they have a greater understanding of your personal financial situation and can take the total of your assets, your family’s needs, and various other factors into account when providing you with the right advice.

#4 – Help Your Beneficiaries Avoid Unnecessary Tax Burdens

In Australia, estate taxes take up a considerable chunk of the estate. Depending on the size of your estate, you might be taxed more than 50%, particularly if you are a high net worth individual.

Additionally, when you leave assets, income and gifts to your loved ones in your will, it’s important to consider the tax implications of doing so. The last thing you want is an asset that is supposed to help and be a gift to have a negative impact on their own financial circumstances.

A financial adviser can work with you and your family to navigate the most ideal outcome for everyone. 

A financial adviser can help by strategically structuring your wealth transfer based on your individual beneficiaries’ unique circumstances.

#5 – Full Support for Your Decision-Making Preferences

It’s worth noting that estate planning can be challenging, with lots of responsibility and pressure. Your financial planner can help streamline the process by ensuring you are well-informed to help you create a good estate plan to ensure that your loved ones don’t have any other burdens to carry. 

They will provide support and guide you through every step of creating your estate plan.


Want To Get Started On Your Estate Plan Today?

To improve your chances of having peace of mind when you pass away, you must understand your options. 

Estate planning is one way to do that, and the earlier you do it, the better. 

All that matters is that when you do pass away, your family doesn’t have to be burdened with financial or legal issues.

If you’re looking for financial planners in Adelaide, Novo Wealth has got your back! Our professional financial advisors can develop solutions to ensure that your financial wishes are carried out and secure a plan so that your loved ones will be financially secure.

Reach out today for a FREE Consultation!


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.