Estate planning is essential to ensure your wishes and objectives are met in the event of your death or if you are unable to make your own decisions.
Many people think writing a Will is all that is involved however there is so much more to an effective, comprehensive estate plan.
When preparing your Estate Plan, you need to consider how to pass control and ownership of your assets and financial interests to your beneficiaries in a timely manner, using the most appropriate structures and limit unnecessary tax liabilities.
But what about assets such as Superannuation, life insurance, interests in discretionary trusts and certain business interests that are not covered by your Will? You need to make provisions for these using the correct procedures (e.g. death benefit nominations for Superannuation).
Finally, you need to decide if you wish to implement Powers of Attorney – nominating a person or persons who will act on your behalf to make medical, financial and lifestyle decisions should you be incapacitated.
Save your loved ones and yourself from future stress
If you die without a Will or with an invalid Will (also known as dying intestate), you risk the State being responsible for the distribution of your estate assets, which may not be carried out as you wish.
Coastal Advice Port Macquarie will work with you to create your Estate Plan and ensure your loved ones are provided for when you are no longer here.
Don’t leave it until it is too late. Book your complimentary initial consultation with a Financial Adviser today.