| Understanding the Importance of Estate Planning |
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Estate planning is a way of ensuring your estate is passed to the right people, at the right time, and in the most tax effective manner, as chosen by you. The estate plan is an essential part of the financial planning process. A successful estate plan is achieved by arranging your assets during your lifetime, so as to manage and preserve your wealth and ensure that it is distributed on your death in a way that complements your overall financial plan. A Will is the cornerstone of any estate plan. It provides you with flexibility in choosing who should benefit from your estate and how they should benefit. It is therefore important that your Will be kept up-to-date to reflect your current wishes and changing circumstances. Everyone likes to be in control of the decisions they make. However sometimes events happen that mean we lose the amount of control we previously had. These can be simple problems such as being overseas and being unable to attend to your financial affairs, or serious problems such as losing the ability to manage your own affairs as a result of an accident or illness. As part of the estate planning process there are a number of arrangements that can be put in place to enable another person to make these decisions on your behalf. Such arrangements include enduring powers of attorney and advance health directives. Estate planning can be a complex matter and requires good quality advice to ensure you achieve the outcomes you desire. Effective estate planning advice requires good communication between your solicitor, accountant and financial planner. If you require any further information or assistance, please contact us on 1300 851 813. Written By: Kris Martin (Feb 09) Kris Martin is an Authorised Representative of Professional Investment Services and his team will be able to provide you with financial planning advice to suit your present needs and future goals. |
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