Estate Planning & Wills.
Some questions...
If you died tomorrow, how would your family survive, and would there be any surprises in your Will?
If you unexpectedly lost your mental capacity through accident or illness, who would be legally authorised to make legal, financial and health decisions on your behalf?
Have you discussed the likelihood of you or your spouse remarrying after the first passes away?
How well do your children (and their partners) get along?
How stable are your dependants (in terms of ever facing bankruptcy, crime, mental health, addictions)?
Do your children have Wills and Powers of Attorney?
Are you and your children, and your spouse adequately insured?
If you have a blended family, how do you ensure the surviving spouse honours your agreement about the final distribution of assets to both sets of children when the survivor dies?
Don't leave it to chance
It may be tempting to take up a company's offer of a "free will", but as you might expect, your estate will ultimately pay the price as these documents often automatically appoint an executor or trustee who may later charge a fee of 1% - 4%.
Of course, Estate Planning is not just about having a Will. It also involves the review, management and control of your personal, family and business affairs while you are alive, and when you pass away, so it's worth seeking qualified, expert advice if you are in any doubt.
The right people by your side
We've taken the hard work out of finding the right legal professionals, so you can feel confident that you're getting advice from people we know and trust. If you need a second opinion we would be glad to make an introduction.
Super & Estate Planning…
Estate planning is the process of arranging your financial affairs while you are alive so that when you die, your assets pass to the people you want to receive them, in the way you intend.
Estate planning can also involve taking steps to ensure that your assets are passed on in a tax-effective manner. Superannuation is an important part of estate planning.
This is the fourth in the 'Your super' series of booklets that Macquarie has developed to help you understand how superannuation works and to give you some tips on how you can get the most out of your super. The focus of this booklet is on the treatment of superannuation death benefits and how you can use your superannuation as an estate planning tool.
In this booklet, Macquarie outline how superannuation wealth is treated on death and steps you can take to have some control over who gets your benefits and in some cases, how they are paid. They discuss some issues to consider if you want to provide for specific classes of beneficiaries including minor and adult children, and explain how you can use life insurance to top up your super death benefit. Finally, Macquarie emphasise the importance of taking an integrated approach between super and your broader estate plan.
Read 'Super & estate planning' by Macquarie.
Rick Maggi, Financial Advisor, Perth