Estate Planning is the structuring and distribution of your assets upon your death. Protecting your wishes and the best interests of the intended beneficiaries, while still meeting and managing the estate’s legal and financial obligations.
Serving as a crucial shield, estate planning ensures your assets and interests remain safeguarded even after you’re no longer here to oversee them. Consider it a roadmap crafted to navigate the complexities of wealth distribution and taxation in the event of your death.
What is an Estate?
Let’s delve deeper into the concept of an estate.
Your estate is comprised of everything you own, both tangible and intangible. This includes your cash, investments, life insurance, house, car, superannuation, even personal belongings. Think of it as a comprehensive inventory encompassing all of your possessions.
An estate plan goes beyond merely drafting a will; It helps to lay out exactly what will happen to your possessions and assets upon your death. Estate plans intricately outline the allocation of your assets, ensuring your possessions are allocated in alignment with your wishes – including what, to whom, and when.
Who should have an Estate Plan?
Everyone! Contrary to popular belief, estate plans aren’t solely reserved for retired people. A good estate plan is a vital tool for individuals of all ages.
Beyond asset distribution, estate planning encompasses instructions for your care in the event of disability or incapacitation. It also includes provisions like life insurance to financially support your loved ones, if required. An estate plan doesn’t just serve you, but also the people you love.
By establishing a robust estate plan, you’re not just securing your legacy; you’re sparing your loved ones the stress and turmoil of lengthy legal battles and financial uncertainty, should you pass away.
How do you create an Estate Plan?
The best way to establish an estate plan is to talk to your trusted financial planner or accountant.
At BIS Cosgrove, our accountants and advisors are equipped with a wealth of knowledge and experience in navigating estate planning. We work closely with a trusted team of experienced solicitors to ensure all financial and legal facets of your estate plan are established to both serve you and meet the requirements of the law.
With our tailored guidance, we can help you to create a comprehensive estate plan that is unique to your circumstances and ensures peace of mind in the event of your death.
While you can’t plan for the unpredictable, you can protect what matters most. Get in touch with us today and take charge of your legacy. Speak to one of our expert accountants or advisors to begin your estate planning journey.
While you’re here, be sure to follow our socials so you never miss a thing! Stay up-to-date with the latest industry news, tips, and valuable insights as they become available.
The material and contents provided in this publication are general and informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
