For busy people with complex financial requirements, estate planning is an important yet often overlooked component of a financial plan. However having an effective estate plan in place is vital in order to ensure your accumulated wealth and assets are transferred according to your wishes when you pass away.
Most of us will be familiar with the importance and purpose of a legal will, however this is just one aspect of an estate plan. Other documents and legal structures that may be appropriate (depending on your circumstances) include Powers of Attorney, Trusts, Superannuation Death Benefit Nomination, Appointment of Enduring Guardian, and an Advance Care Directive (also known as a living will).
There are also a number of taxation implications to consider.
A well-structured estate plan will make things easier for your loved ones by making provisions for supporting your significant other (and any other dependents), preserving assets for later generations, and protecting your family's security and privacy. It can also help prevent any disputes.
Crucially, without an effective estate plan you run the risk of your assets being disposed of in ways you wouldn't have necessarily chosen. At Nett Assets, we work with legal and accounting professionals to provide clients with tax-effective estate planning solutions using robust structures and strategies.
To find out more, please contact us.