Estate planning is the putting in place of processes and plans to protect your estate and interests in the event of your death. An effective estate plan will help to protect your estate from gift, estate, generation skipping transfer and income tax.
What is an estate?
An estate is comprised of everything you own, be it your investments, life insurance, house, car, superannuation or furniture. An estate plan helps to lay out what will happen to your possessions and assets upon your death. Estate plans are more than just a will and ensure which of your possessions are passed on to whom you wish to receive them and when they will receive them, including your superannuation, assets held in businesses and investments.
Who should have an estate plan?
Everyone! Estate plans aren’t just for retired people. A good estate plan will take into account instructions for your care if something should happen and you become disabled before your death. They also include life insurance to help provide for your family, should it be required. An estate plan isn’t just about you, it helps ensure that the people you leave behind are not caught up in lengthy court processes.
How do you create an estate plan?
The best way to establish an estate plan is to talk to your financial planner or accountant. We have plenty of experience in developing estate plans so we can ensure that your final plan covers everything it needs to.
Contact us today so we can get to work planning for your estate. Don’t keep putting it off!