Estate Planning Advice
Estate planning is an important gift you can give to your family. Setting up a smooth inheritance and estate plan isn’t as hard as you might think. But there are some important decisions you will need to make. You’re likely to need the assistance of your solicitor, financial planner and accountant to do it right. In our experience it really is worth doing it right, for those who you leave behind.
When you think about Estate Planning, you probably think about a Will. A Will is generally a document signed by a person which states how they wish their assets, possessions and property to be distributed at their passing. It’s surprising to learn that many Australians pass without having a Will in place. If you die without a Will, this is called “intestate” and the state or territory government where you live will determine how your assets, possessions and property are divided.
Having a Will then is very important. When we talk to our clients about what they’d like to happen, none of them think the “intestate” option is right for them.
There’s more to estate planning than a Will
Here are a couple of examples of why it makes sense to seek financial planning advice.
Superannuation and Pensions
Many people don’t realise that who receives your superannuation (or pension in retirement) is not determined by your Will. Superannuation is in fact a special savings vehicle called a “trust”. This means that the superannuation trustees can make decisions without you. Generally you have three estate planning options.
- A binding nomination: A binding nomination leaves your superannuation fund trustee with no choice as to who gets your death benefit. You choose whether the money goes to – one or more of your dependants or your legal personal representative, who must pay out the money according to your Will.
- A non-binding nomination: In a non-binding nomination, your superannuation fund trustee is obliged to consider who gets your death benefit, but they still have the ultimate say.
- No nomination: No nomination means that the superannuation trustee has the ultimate say in who receives your death benefit.
Understanding these differences is important. That’s why it’s important to nominate your beneficiaries. Many people don’t.
If you own a business, what do you want to happen to that business? Business succession planning allows you plan what happens to your business when you’re no longer around.
- Will your business partners be able to afford to buy you out?
- Is there a buy/sell agreement?
- Does your family want to take over the running of the business or would they be happy for it to be sold and receive the proceeds?
Some of these issues can be solved with Business Insurance Protection Advice.
Helping you give the gift of Estate Planning
At Advanced Financial Planning Solutions we will take the time to listen and understand your estate planning goals. Some people think it’s like a dark forest, a scary place where bad things might happen. The reality is with appropriate advice, we can help avoid putting your family in a dark forest if something was to happen to you. Done right, we believe that good estate planning is actually a legacy and a gift to your family.
Estate planning may also require the assistance of a solicitor and an accountant. We’re more than happy to work with your existing advisers if you have them, or refer you to one of our Advanced Financial Planning Affiliates.
We’ll also put our advice in writing and provide you with implementation and review services to make strategy changes if required.
Is that the kind Estate Planning Advice that you’d like?
Helping individuals, families and business owners with their estate planning is one of the things we do to help clients step forward. Often our clients achieve more than they think they can, after they receive our advice.
Your first appointment is at our cost, to see how we might assist.
Is that the kind of financial planning support you’d like to access to help your family get and stay ahead?
If so we’re here to help you.
Call us on 0411 331 870 or contact us and ask for an appointment. Your first appointment is at our cost, to see how we might assist.