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.
There are only two certainties in life, death and taxes.
Put everything in place to help your family through this tough time.