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3 reasons to review your Estate Plan

As you prepare for the new financial year, do your personal and professional lives look a little different from this time last year? If the answer is yes but you’ve so far failed to reflect those changes in your Estate Plan, you could be missing out on valuable taxation efficiencies as well as exposing your wealth and assets to the risk of being bequeathed in a manner you had not intended. Here, we outline 3 reasons to review your Estate plan today.

Whilst your Gold adviser is not an Estate Planner, we are qualified and experienced financial planners and very well placed to act as your central coordinator, bringing together a range of aligned professionals including legal and accounting specialists to shore up the fate of your wealth and assets. We consider the following to be the top three reasons to review your Estate Plan:

Avoid confusion and conflict for your loved ones
An up to date and comprehensive Estate Plan is designed to help circumvent disputes after your passing. Your Gold Financial Adviser is accustomed to opening up delicate family discussions in a forum that allows you to outline your financial position and fully explain your intentions.

As well as identifying and articulating your beneficiaries, you may wish to nominate people you want to exclude from receiving any entitlements. For instance, if your children divorced and re-married, would you be comfortable with your new in-laws receiving part of your inheritance? These are the type of real life scenarios we deploy to help you prepare for life’s what ifs.

Protect those assets that sit outside your Will
Your Will is just one part of your Estate plan. Whilst your Will covers the fate of your personal assets, inadequate planning could see the fate of your other wealth and assets determined by Government authorities. Make arrangements today to shore up taxation efficiencies for the long term future of your superannuation, company assets, trust assets and business assets.

Keep up to date with your evolving Estate
We can assist you to regularly review your Estate with a view to keeping your paperwork and particulars up to date with your current set of circumstances. For example, if you were to welcome a new grandchild, you may wish to revise your Estate to include him or her within your list of beneficiaries. Similarly, if you part ways with your partner, you may wish to update your Estate plans to reflect your new relationship status. We are on hand to assist you to facilitate these evolving modifications.

Ask us about our online evaluation service, to aid your Estate planning via prompts designed to open up discussion about your specific set of circumstances.

For more information about customising an Estate Plan for your specific set of circumstances please call us on (02) 6041 8244.

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