Estate Planning
Nobody likes to think about dying. However, with a few simple steps and some good advice you can make things easier for your family, during a difficult time.
Three things you should consider today:
Prepare a valid will. If someone dies without a valid will their assets are distributed according to the local state or territory inheritance laws. This means a lot of red tape and the intentions of the deceased person may not be realised. Preparing your will with advice from a financial planner allows you to manage the tax implications for beneficiaries and prevent unneeded legal complications.
Create a strategy today. Estate planning is part of an effective succession plan for your business. Understand the legal, tax and superannuation implications and review on a regular basis with advice from a financial planner.
Setup formal administration of your estate. Don’t leave it to you family to sort out. Appoint an executor and have a process in place to administer things like trusts, tax returns, distributions and capital gains tax.