Protecting the fate of your finances goes well beyond your Will. Whilst your Will covers personal assets, it does not include your superannuation, life insurance and assets held in Trusts or Companies. Failure to plan for the fate of these finances could see those you love facing unnecessary costs, complications and confusions. Here, we reveal 5 key considerations for planning your Estate.
1. Protecting those you love
If you have young children, it’s important to clearly outline your wishes for their financial wellbeing in the event of your passing. Wealth Fundamentals is well placed to open up these sensitive dialogues to create a personalised plan from which they may receive their full entitlements as detailed in your Estate Plan. Likewise, if you are part of a blended family or have adopted children or siblings, you may wish to include these new family members as beneficiaries of your Estate. Further, to avoid potential conflict or confusion, you may wish to outline those relatives whom you wish to exclude from entitlements.
2. Dealing with lingering debts
Providing you have adequate and appropriately structured assets, your Estate Plan may be designed to include provisions for using part of those assets to pay off outstanding debts. This is an important consideration designed to help circumvent your surviving beneficiaries from having to cope with additional financial stress upon your passing.
3. Business provisions
If you are a business owner, do you know who will own your share of the business upon your death? And will your Estate be adequately compensated for your share of the value of the business? Failure to open up these types of discussions could result in ongoing conflicts and complications for your beneficiaries and/or business partners. Wealth Fundamentals is equipped to assist you in facilitating a bespoke business protection solution appropriate to your circumstances.
4. Assets held outside your Will
Not all of your wealth is contained within your Will. Structures including but not limited to self-managed superannuation funds and family Trusts fall outside of your Will. An Estate Plan is designed to help clarify the fate of these assets, to help avoid costly litigation, disputes or taxation implications after your death.
5. Dependents with special needs
Does your current Estate Plan detail your wishes for dependents with an intellectual disability or an ageing parent who may be reliant upon you for their ongoing financial wellbeing? Similarly, if you have offspring or relatives battling ill health, addictions or other challenges, have you made arrangements to cover the costs associated with their future care? Whilst these may be difficult dialogues to embark upon, Wealth Fundamentals is accustomed to compassionately conducting these consultations.
Finally, in the event of your passing, Wealth Fundamentals can assist in the estate administration process. This assistance will help your beneficiaries to secure their full entitlements as outlined in your Estate Plan. For more information about tailoring a personalised Estate Plan, please contact Wealth Fundamentals on (07) 3720 1299.
By Matthew Lane