While so many of us recognise the importance of preparing a Will and building a comprehensive Estate Plan, the subject can be quite uncomfortable and emotional to discuss. 

Many people find it overwhelming and confusing to plan for their retirement, let alone plan for what will happen to them and their wealth when they pass away. However, it’s essential to persevere through and come up with an efficient estate plan for yourself and your loved ones. 

A lack of preparation could unfortunately even hinder your family’s ability to access any of your possessions and wealth. Without the right plan and documents in place, there is no guarantee that your beneficiaries will receive everything you have intended to leave for them. 

Take the time to check your finances and devise an estate plan that will be able to carry out your wishes and protect your family. Here are some ways to help you get started:

Plan for your Retirement

Whether you’re currently employed or running your own business, it’s always best to plan ahead. Even though retirement may seem like a long way off, it is likely to come around sooner than expected. 

Whether you’re 30, 50, or nearing preservation age, start thinking about how you want to spend your retirement now. 

With your retirement plan and pension plan in place, you can create an estate plan that aligns with your assets and future financial plans.

Size Up Your Taxes

Any estate plan is sure to be affected by taxes, which can burden certain family members when they try to access the assets you leave them.

You may like to consider creating a trust to help protect your assets and ensure your beneficiaries will receive what you intend them to receive. Talk to a financial planner about this option as the regulations in place are complex. You can book a complimentary consultation with Holmleigh’s financial advisers here.

Don’t Forget About your Insurance 

Most Australians may already have an insurance plan in place. However, as you get older, you may need to change your level of insurance cover to suit your new circumstances and needs.

Your insurance coverage and plan should still be able to accommodate you. Check the policies set and whether they’re suitable for you and your family.

Research Aged Care Fees 

When some people build an estate plan for themselves, they tend to forget about the likely aged care fees they will need when they get older. 

Aged care fees can be quite costly and as we age, it is more likely that we will need to access professional care at some point. 

Try to be informed ahead of time and develop a plan of how you hope to secure the payments needed.  

Write a Will 

Your estate plan is all about ensuring that your assets are managed and distributed the way you want them to be. 

One part of an estate plan is to write a legally binding, well-managed Will. Try not to put off the task and to update your choice, especially if you have certain big decisions that you’re hesitant about making. 

According to research from Finder.com.au, over 50% of Australians die without a Will in place¹.

 Dying without a will may mean that your finances and assets get distributed to family members against your plans or wishes.

While this is usually family members, it may also mean that the assets that get passed to your family members may negatively affect their own financial situation. For example, this could hinder their personal tax plan and they may have to pay unnecessary costs to manage these assets.

Seek Expert Financial Advice and Wealth Management Support 

One way of tackling your estate plan is to seek support from an experienced financial adviser. 

A financial planner can help you decide the most tax-effective ways to distribute your assets and manage your wealth. Your financial planner will also be able to help secure the longevity of your assets and create an effective wealth management plan.

As you’re in the process of forming your estate plan, there may be the possibility of mistakes or missed opportunities. To ensure that your plan has considered all elements and that it protects your assets, connect with a professional who will be able to point you in the right direction.

Ready to create your Estate Plan? 

Estate planning isn’t the easiest thing to talk about. However, preparing your finances and taking care of these things while you’re still alive and well is one of the best things you can do to protect your future. An estate plan isn’t only effective to protect your future, but to best protect your loved ones as well. 

Need financial planning in Port Stephens or in the Lower Hunter area? 

Do you want to protect and preserve your assets for your family and loved ones?

Holmleigh Financial Planning’s experienced financial advisers can help you fulfill your wishes and achieve your financial goals. Get in touch with us today!

REFERENCES

¹ https://www.news.com.au/finance/money/wealth/new-research-reveals-52-per-cent-of-adult-australians-dont-have-a-will/news-story/a93f8904936956b48f7f840195413f9c