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Estate Planning Quick Tip

If you’re relying on your Will to protect the fate of ALL your wealth, then this tip is for you.

You need to get an Estate Plan, not just a Will.

A Will only covers personal assets. Without an appropriate Estate Plan, the fate of any wealth that falls outside those parameters could become the subject of litigation or Governmental jurisdictions.

An Estate plan is designed to identify and execute an appropriate way to hold superannuation and other assets including those held within companies, trusts or business entities, for the benefit of your nominated beneficiaries. Failure to hold those assets in an appropriate structure, could impact your beneficiaries in a number of ways including the potential for them to be burdened by taxation implications that may impact upon their future financial wellbeing.

Your Gold adviser is accustomed to opening up delicate discussions with family members should you wish to educate your dependents about your financial position. Such discussion can help to circumvent confusion or conflict after your passing.

As well as nominating people you intend as beneficiaries, you may also wish to articulate those you do not want to benefit from your passing. Mindful that the nuclear family is no longer the traditional family model, you may wish to examine your extended family tree (that could include former spouses, stepchildren or ex-partners of your offspring) to articulate the distribution of your estate’s wealth and assets.

Your Gold adviser is well placed to collaborate with your solicitor, accountant and other aligned professionals, with the aim of creating an individual Estate plan in line with your wishes and your overall financial objectives.

In the event of your passing, you can also expect your financial adviser to work compassionately with your executor and beneficiaries for disbursement of financial entitlements as outlined in your Estate plan.

For more information about Estate Planning, contact us on 02 6041 8244.

Gold Financial Services and its advisers are Authorised Representatives of Fortnum Private Wealth Pty Ltd ABN 54 139 889 535 AFSL 357306 Australian Credit Licence No 357306 trading as Fortnum Financial Advisers.

This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Gold Financial Services strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.

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