A Family Affair

Many people think estate planning is only for the rich, but every family can benefit from having an estate plan.

The truth is that most of us have some assets we would like to pass onto our children and other beneficiaries. An estate plan can help to make the most of these assets.

An estate plan is more than just a Will. It’s a complete family succession plan covering a range of issues such as asset protection, aged care, Powers Of Attorney and how you will pass assets onto beneficiaries in the most effective manner.

With modern families becoming increasingly complex involving your beneficiaries in your financial plan, through a beneficiary meeting, is the first step to developing a comprehensive estate plan.

A beneficiary meeting is a joint meeting between you, your beneficiaries (such as adult children) and a trusted financial adviser. This can help the next generation understand your wishes, identify any potential risks or issues, and make plans to avoid disputes after you’ve gone.

Elements of the meeting should include;

➢ Establishing your family’s risk profile – identifying any potential risks that may impact on your family’s financial wellbeing in the future ie If there are any potential concerns such as high debt levels, drug or gambling issues or former relationships, an adviser can help you put in place appropriate strategies that can protect your family and your wishes after you’ve gone.

➢ Review your beneficiaries’ insurance needs to provide an amount of cover for their families should they have an accident, be diagnosed with a serious illness or die.”

➢ Communicate your estate planning choices to your beneficiaries to help avoid family squabbles in the future.

➢ A plan for the future, covering important issues such as aged care, Powers Of Attorney, health care directives and business succession planning.

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