In its most simple form, estate planning is all about peace of mind. It’s about making sure that your assets are distributed to your beneficiaries according to your wishes.

Why think about estate planning?

With family structures becoming more fluid, planning your estate has become more important in recent times – and often involves much more than just a simple Will.

Family trusts, payouts of superannuation balances and the tax implications for beneficiaries can all be managed with a careful estate plan. Seeking advice from your financial adviser is a crucial step in developing a proper estate plan.

Developing a proper estate plan will ensure that:

  • the tax payable is minimised on the income and capital gains earned on assets
  • the right ownership and control of your assets passes to your intended beneficiaries, and
  • your assets maybe protected if the beneficiary is involved in any legal difficulties (for example, divorce or bankruptcy).

A sound estate plan can assist in avoiding possible difficulties and disagreements for your beneficiaries.

Things to consider

Who gets what?

Have you thought about who will inherit which assets and in what proportions?

Paying off debt

Have you considered whether you have accumulated sufficient assets to provide for your family and pay off debts if you die? If you think there is not an adequate amount, your financial adviser will be able to recommend several ways to make up the shortfall.

Who’s in charge?

Is there someone who has been chosen to manage your affairs for you if you’re injured or sick and unable to control

This is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this document, you should assess your own circumstances or seek advice from a financial planner and seek tax advice from a registered tax agent. Information is current at the date of issue and may change.