|
A good estate plan will:
- Ensure that the ownership and control of your assets passes to your intended beneficiaries in the correct proportions
- Minimise tax being imposed on the income and capital gains earned on those assets
- Protect those assets should a beneficiary be involved in any legal difficulties, for example, bankruptcy or divorce
Essentially, a good estate plan can provide you with peace of mind and minimise potential complications for your beneficiaries.
Working out what you need
- Do you have sufficient assets accumulated to provide for your family and pay off any debts in the event of your death? If there is a shortfall, your financial adviser will be able to suggest some ways for you to make up the shortfall
- When you consider your estate planning needs, have you thought about who will inherit your assets, which assets they will inherit and in what proportions?
- If you are injured and unable to control your investments, have you chosen someone to manage your affairs for you whilst you are recuperating?
- Your estate planning needs to be reviewed on a regular basis, and particularly when an important event occurs, such as marriage, divorce, the birth of a child, death of a relative that you have provided for, commencement or change of employment or retirement
Estate planning is an important part of your overall financial plan and it should not be left until it is too late.
An estate planning checklist
Have you considered the following:
- Do you have a valid Will?
- Has it been reviewed/updated since the last significant event in your life?
- Does your Will provide adequate protection to ensure your assets are not inappropriately diminished?
- Do you know how much money your family would need if you were to die today?
- Do you have a funding strategy in place?
- Are you and your family financially protected if you were to suffer a serious illness/injury?
- Are you and your family financially protected if you were to become totally and permanently disabled?
- Do you know how much money you and your family would need if you were unable to work, or you suffered a serious illness/injury?
- Is your income protected?
- Are the protection measure you have in place sufficient for your family’s needs?
- Have you appointed someone to look after your affairs if you die or become incapacitated?
- If you are a business owner, have you considered exit strategies from your business?
- If you are a business owner, have you planned for the future of your business after you pass away?
If the answer to any of the above questions is No, then it is possible that you have a gap in your true estate planning needs. We recommend that you speak with one of our qualified financial planners at Intellichoice about assisting you in identifying your insurance and estate planning needs and how we can recommend some solutions to address them.
About Intellichoice
The financial planners at Intellichoice have over 25 years experience and aim to make financial planning and home ownership accessible to everyone. Intellichoice can assist with financial planning, retirement planning, estate planning, insurance, investments, debt management, budgeting and savings advice, debt consolidation loans, managed funds, investment properties and more.
|
|
