At Life Balance, we have been honoured to assist many clients in providing them with our Estate Planning services. Estate Planning is a fundamental element of the financial planning process and possibly one of the most important parts of our profession.
What is Estate Planning?
Estate Planning involves deciding what to do with your property upon the event of your death. Your estate is all the property that you own including cash, clothes, jewellery, houses, land, retirement savings, investments and personal savings. An Estate Plan ensures that upon your death your wishes are carried out.
In Australia, our legal system is designed in such a way that if left unattended the transfer of your estate can be a highly burdensome, expensive and stressful experience for your potential beneficiaries. For example, if you do not nominate an executor for your estate your family may not have control over who receives your property. Further, the wealth accumulated throughout your life may be significantly reduced by probate, the cost of employing the Public Trustee and capital gains tax as your assets transfer ownership. This stress is easily avoided simply by having an estate plan in place that is designed to avoid the traps discussed above.
What is the role of a financial adviser in Estate Planning?
As you move through life your estate planning needs will inevitably change and evolve. A financial planner plays a crucial role in reviewing your circumstances, checking in with your goals and wishes to ensure that your estate plan is still the right plan for you.
Will & Testament
We work with clients, understanding their financial and family circumstances, to create a Will that will execute your wishes as smoothly as possible should anything happen to you. We can help you to determine your beneficiaries and the ways in which you wish your estate to pass to them.
We are experts in structuring your Estate in life to minimise the tax payable once your assets transfer to your family members. A good financial adviser will be able to assist your executor through probate ensuring your beneficiaries receive your estate without delay.
Power of Attorney
Power of Attorney gives a person the legal power to handle your affairs when you’re unable to do so. This is a very important element of Estate Planning as this ensures that while you are still living you are treated with the dignity and respect that you desire and deserve.