Estate Planning:

At Financial Advisers Australia we believe if you ‘fail to plan, you plan to fail’. 

What is estate planning?

Estate planning is the way that you anticipate and arrange for your estate to be passed onto your beneficiaries in the most financially efficient and tax effective way.  It attempts to eliminate uncertainties and maximize the value of the estate by reducing taxes and other expenses.  

Depending on your individual situation you can create a trust, which allows you to transfer assets out of your name while still keeping control of the assets.  You can include a trust as part of a will and this is called a Testamentary Trust.

Estate planning involves preparing your:

 

Why should you consider estate planning?

Everybody’s situation is different, but it is an easy way to pass on assets after your death and to reduce stress or fighting amongst those left behind.  It can be useful in numerous situations including;

  • where you have very specific wishes for your estate;
  • where you have a large asset pool;
  • you want flexibility in distributing your assets;
  • if you want to maximise the tax savings possible through superannuation or testamentary trusts
  • if you want to pass on a business;
  • if there are multiple or vulnerable beneficiaries;
  • if you want to organise a superannuation payout;
  • you have minor’s and want them to be looked after;
  • to leave a gift or charitable donation;
  • to organise your finances if you have capital losses or debt;
  • where you have life insurance; or
  • where your personal circumstances are such that your will is likely be complex or complicated.

Your will may need to be updated to reflect your current lifestyle or your enduring power of attorney may need to be updated if you have recently been married or divorced.

 

How can we help you?

We can help you to plan what you want to do with your estate.  We can also help you set up your will, create an enduring power of attorney or work out if your superannuation will be enough to fund your retirement.

We have partnerships with numerous legal firms on the Sunshine Coast to ensure that your estate plan is legally enforceable if anything should happen to you.

 Contact us today to talk about your future and what would happen to your estate and family if you died or became incapacitated.

Prepare by John Hehir FAA Financial Advisers Australia