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Now is the best time to start estate planning – here’s why

Let’s face it, nobody wants to think about what will happen to their family once they pass away, let alone talk about it. But the truth is, it’s easier for you and your family to make good decisions while you’re alive and well rather than after you’re gone.

Because we don’t know what life may throw our way, it’s never too early to start estate planning. Successful estate planning involves much more than making a will. Many factors need to be considered, such as tax planning, asset protection and what will happen with the funds in your superannuation and any insurance policies you have in place.

Estate planning according to your wishes

An effective estate plan will help to ensure your wishes are carried out just as you would like them to be. As a result, your beneficiaries will receive what you want them to, in the most cost-effective and tax-efficient manner.

Things to consider include:

  • Making sure your investments and superannuation are structured for the best returns
  • Ensuring adequate personal and asset protection insurances are in place
  • Confirming your beneficiaries are clearly identified and no-one is forgotten
  • What you want to happen in the event of your disability or mental incapacity
  • The appointment of legal representatives such as Executors or Powers of Attorney

This probably sounds complex, and it can be. But talking to the financial experts at Wealth Plan Advisory will help you successfully navigate the process with as little stress as possible.

By putting strategies in place now, you can have peace of mind that your loved ones will be taken care of should the unexpected happen.

 

For straight-forward, practical financial, taxation and accounting advice
contact our knowledgeable team at SVA and WPA by calling 02 8850 0388.

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