Estate Planning
Estate Planning is a legal process that is designed to facilitate the administration of your estate and the protection of your assets. You can also determine who will make important decisions about your estate if you are mentally or physically incapacitated. This will ensure that your assets are distributed according to your wishes when you pass away.
An estate plan is not just a will but also takes into consideration your superannuation and power of attorney. Whether your assets are solely in your name or held jointly in a partnership, trust or private company; estate planning will ensure that the complicated process of distributing your assets is done fairly and equitably according to your wishes.
Estate planning can also prevent inappropriate people from making a financial claim on your estate and ensure that family members with “special needs” are looked after. Be sure to nominate a guardian for dependents under the age of 18. Your executor and will beneficiaries should know the contact details of your financial planner and solicitor.
In many cases people overlook setting up a trust fund to minimise taxation and preserve your beneficiary’s inheritance. Your will should also protect beneficiaries who are company directors or in business partnerships from losing their inheritance as a result of becoming bankrupt.
It is also quite common for people to face legal challenges from within their own family when a will is contested; a well formulated estate plan can help avoid this. You should ensure that you have an up to date valid will, have appointed a power of attorney and that you have chosen an executor. Has your executor been made aware of any special funeral requests or charitable gift donations?
Close Financial Group recommends that people who own a lot of assets; are in business or have complicated estates ensure that this final stage of planning is carried out. This will simplify the settlement of your estate for your family and loved ones. Your estate planning should be reviewed every three to five years or if your circumstances alter.
Some examples of changing circumstances could be:
- Starting a new business
- Getting married
- Having children
- Selling a business
- Acquisition of valuable assets
- Setting up a trust fund
Contact one of our experienced Financial Planners today to safeguard the future of your family and loved ones.
“Proper structuring of your assets could benefit your family for generations to come.” Tim Close Principal Planner.