Your estate refers to the sum of your assets, which include cash in the bank, real estate properties, business equities, vehicles, family heirloom, jewellery, artwork, and other things of value that are in your name. Planning your estate is essentially the process of establishing your plan and formally organise how you want your assets distributed when you pass away
Many Australians avoid the topic on passing away, but it is crucial to sort out your assets so your family will know what to do when you die. Proper estate planning will provide you an assurance that your final wishes will be honored and in a more practical sense will save your family from hardships.
What is Estate Planning?
Estate planning includes preparation of your will and other instructions on where you want your assets to go when you pass away. It also involves specifying your wishes in the situation that you become injured or ill and you cannot decide about your health or finances. Without a valid will, your assets will be distributed by the state based on the inheritance laws in Australia.
It is highly recommended that you consult a legal professional to assess your estate plan. This could help you avoid family feuds and minimise the tax paid by your beneficiaries. Be sure to update your estate plan, especially if your financial or personal situation changes. This includes having kids, marriage, retirement, disability, and more.[ Also Read: 10 Things to Do Before 30 to Have a Bright Financial Future ]
It is important to take note that estate planning is not only for millionaires. Without a valid plan in place, your loved ones can be affected even if you don’t have multi-million properties, valuable art, or huge investment account to pass on.
Writing Your Last Will
The last will is a legal document that will be followed when you pass away. This provides specific instructions on how you want your assets to be managed and distributed after you die. You may choose to write your own will, but there are also will packs that you can purchase at Australia Post offices or you can also download ready forms online.
But if your will involves the complex distribution of your estate, it is best to ask assistance from a Public trustee or a solicitor. In this situation, you need to appoint them as your executor, but you should take note that you have to pay for their services.
Estate Planning Services from Focused Financial Advice
Enjoy peace of mind knowing that your estate will help your loved ones be financially secure through their lives. Our Estate Planning Services cover both personal estate planning and business succession advice as well as referrals to specialist lawyers.
Our expert financial Advisers will review the structure of your assets and put into place an estate planning strategy that ensures your Will, Powers of Attorney and other estate documentation are up-to-date and in line with your wishes.[ Also Read: Five Questions You Need to Ask Your Financial Adviser ]
Remember, there are different laws governing estate in different Australian states, so if you have several properties located in different states, these should be given due consideration and planning. You will save time and money if you work with a professional estate planning Adviser.
Feel free to contact Focused Financial Advice for more details about our estate planning advice Sydney services. Call us on 02 9003 0611.