What is your excuse for not having a will?
Life can be unpredictable and sometimes things happen. We are all leading increasingly busy life’s but as a financial adviser I am becoming increasingly aware of just how many people have not considered what will happen to their estate should something happen.
Making a Will is the only way you can ensure your assets will be distributed according to your wishes when you die. Studies show that at least 45% of Australians do not have a valid Will. If you die without a Will your estate will be distributed according to a pre-determined formula. Ref: NSW Government – NSW Guardian & Trustee
Often when working with our clients in developing a family wealth plan we come across the absence of a robust Estate Plan. It is extremely important you have the right legal framework in place to ensure your family and assets are protected and transferred as tax effectively as possible.
Estate Planning solidifies your wishes and how assets are distributed. It is essentially a formal agreement on your medical and financial decisions. Younger families should consider issues such as guardianship arrangements and how care will be funded. This is where an appropriate insurance program should be considered in conjunction with an estate plan to ensure your contracts communicate your wishes contained in your estate plan.
Mature clients should consider passing of assets via a testamentary trust which allows the beneficiaries to stream income tax effectively and provide asset protection in the event of legal action (such as relationship break down or lawsuits).
Take a moment to watch this great little video that helps explain some of the important elements to consider with your Estate Plan.
Do you have more questions?
We work with our clients to map out their personal circumstances and wishes, then we can bundle this up into customised financial plan just for you.
Visit www.allfinancialservices.com.au for more information.
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