Estate Planning and Wealth Succession

Financial Services

Estate Planning and Wealth Succession

We want to make sure our wealth passes to the children.

Your retirement plan must include estate planning. Generally, the emphasis is placed on wealth creation and then the early part of retirement, but wealth succession is overlooked. The importance of distribution and succession of wealth to future generations means estate planning must be a vital part of your overall planning.

Let us inform you of what you need to do about succession wealth planning

Make a list of your physical assets, including houses, cars, and possessions. Follow this up with a list of your non-physical assets, such as shares, superannuation, life insurance, bank accounts, and more. Assemble a list of your debts. Choose your beneficiaries. Make a will. Choose an executor. Handle funeral arrangements. Create an enduring power of attorney. Create an advance care directive.

What should I organise before I die?

Do you have a Will? Have you made known your wishes to your family. Have you planned and saved for your funeral?

Allow us to assist you with your succession of wealth and estate planning

We love helping to ensure your future for your new generations

Beyond building, protecting and preserving your wealth, your retirement plan must address the succession of your wealth, passing on the right asset, to the right people, at the right time, in the right way (no tax surprises). Often consideration need to be given to the equalization of the estate where there are multiple beneficiaries. We will help you develop your estate succession planning working closely with your solicitor.

Managing superannuation death benefits

Superannuation stands outside of your estate and is governed by super and tax legislation. When you die, in most cases your super fund will pay your remaining super to your nominated beneficiary. Super paid after a person's death is called a 'super death benefit'. If the rules of your super fund allow it, you can nominate the beneficiary for your super, by making a non-binding or binding nomination. Care needs to be given in deciding the beneficiary. In some circumstances a death benefit tax will be applied reducing the amount.

Having powers of attorney

Power of attorney is a formal document by which a person appoints another person to act on their behalf. There are different powers for different circumstances. General power of attorney allows the attorney to act on your behalf but must end if and when you lose legal capacity to direct your own affairs. An enduring power of attorney has the power to make decision for you because you have lost legal capacity to make decisions for yourself.

The importance of estate planning

Estate planning services is a crucial task that helps manage your assets when you pass away or lose capacity. The purpose of planning your estate is to protect your family and loved ones. It’s essential to ensure that your will covers all the assets you want to leave behind. However, some assets, such as superannuation, may not automatically become protected by your will.

Seek legal advice

Financial planners like estate planning financial advisors in NSW can offer general advice only on legal matters. We will work closely with your solicitor. If you need more information on estate planning, we recommend consulting a professional estate planner or lawyer.

An advanced care directive

An advance care directive is sometimes called a living will. The directive is a formalised version of your advance care plan. It outlines your preferences for your future care along with your beliefs, values and goals. It can be a very meaningful thing to do, to purchase a funeral bond and pre-plan your own funeral and to inform family of your wishes should you no longer have capacity.

Book a Consultation

Have a question? We’re here to help. Send us a message and we’ll get be in touch.

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