Estate Planning Services.

Secure Your Wealth.

 

Estate planning is an uncomfortable topic for many people. Naturally, few of us want to think about our own death – or worse, the death of a loved one. 

However, coming up with a plan for what you’d like to do with your assets and wealth after you pass away can mean your family is supported and your money ends up where you’d like it to go. That knowledge often gives people peace of mind.

What needs to be considered?

 

A Will 

One of the core pillars of estate planning is preparing and updating a Will. A Will dictates how your money and physical assets should be distributed after you die.

While it’s not compulsory in Australia to have a Will, the document can help to prevent unpleasant situations where wealth is contested by multiple people after your death, sometimes over many years. A Financial Planner can provide information and guidance on formulating a holistic Estate Plan. 

This may include the following: the structuring of investments, tax minimisation, asset protection, binding nominations. Advisers may also identify gaps in your estate plan and recommend you seek professional legal advice to review and update your Will and powers of attorney.

It’s important to remember that in every state except Tasmania, divorce invalidates a Will, which means a fresh Will will need to be written. 

Life insurance

If you have life insurance, your nominated beneficiary may receive a lump sum pay out in the unfortunate event of your early death. As such, it’s important to make sure that your policy is kept up to date, especially if your circumstances have changed (such as marriage, divorce or a beneficiary passing away).

Superannuation

It’s common for people to think that superannuation is lumped in with the estate, however, this is often not the case. Instead, the deceased person’s superannuation benefits are frequently paid directly to the beneficiaries or dependents.

People can have greater control over where their super ends up with a binding death nomination, which tells the trustee of the fund explicitly where to send the benefits if the fund member passes away.  

Where financial planners and lawyers come in. 

While coming up with a Will may sound fairly simple, establishing with a plan for how you’d like your money and assets distributed isn’t always straightforward. There are a number of tax and legal considerations that often need to be considered.  

A qualified financial planner can talk to you about different arrangements and structures for your assets and how it may fit into your broader financial roadmap. 

However, a solicitor or estate planning lawyer is needed for the execution of your instructions. For example, a solicitor or estate planning lawyer will ensure your Will is legally binding and includes directions, such as power of attorney and enduring guardianship. There are a number of legal forms that will need to be signed during this process. 

While estate planning is far from a joyful topic for most of us, people who have a plan in place often feel a sense of comfort knowing their final wishes will be met.

Why Chelsea Wealth?

We work with you to identify and prioritise your personal financial goals and help you maximise the chance of your success. We’re here to help you secure your financial future.

Get started with Chelsea Wealth  

Contact us.

Newcastle
Ph 02 4032 4400 | fax 02 4032 4401
newcastlewest@chelseawealth.com.au

Penrith
Ph 02 4721 5800 | fax 02 4721 5088
penrith@chelseawealth.com.au