You’ve worked hard to build your wealth, so it’s important to consider what will happen to your money and assets when you or your partner passes away.
Estate planning involves much more than having an up-to-date will. A good estate plan will structure your estate so you can distribute your assets according to your wishes, protect your family’s interests and minimise tax.
As part of your estate plan, you’ll need to:
Estate planning can be complex, with many different factors to take into account. For example, how your assets are distributed according to your will may have tax consequences. You need to consider these issues when drafting your will and creating your estate plan.
There are a number of strategies you can use to help make your estate plan as effective as possible, and this is an area where professional financial advice and your taxation adviser can make an enormous difference for you and your beneficiaries.
If you’d like to discuss creating a comprehensive, estate plan, you can schedule a complimentary, no-obligation appointment online with a Commonwealth Financial Planner. We’ll be happy to discuss these strategies with you and help you decide which might be appropriate for your situation.
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