Will & Estate planning

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:

• Ensure that your will is up to date (a solicitor can help you put one together)
• Have adequate life insurance
• Understand the tax consequences of how your assets are distributed
• Implement a binding death benefit nomination on your superannuation
• Put in place an enduring power of attorney
• Create a business succession plan, if necessary

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.

• Important information
  The information contained on this web page is of a factual nature only and is not intended to constitute financial product advice. It has been prepared by Commonwealth Financial Planning Limited without considering your individual objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual needs before making a decision based on this information. Commonwealth Financial Planners are Representatives or Authorised Representatives of Commonwealth Financial Planning Limited ABN 65 003 900 169, AFSL 231139, a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.