Many people put off planning for the future, preferring to live in the moment and deal with issues as they arise. So drawing up an Estate Plan is often the last thing on their minds, particularly when it comes to contemplating their demise, not matter how old they are.
Yet, creating an Estate Plan is a fundamental part of financial planning. Not only does it require decisions on how personal assets are to be distributed after you have passed away, it’s also about ensuring your family’s interests are protected through well-designed financial structures and carefully considered arrangements.
And there is much more to an Estate Plan than preparing a will, a power of attorney and the nomination of superannuation beneficiaries.
That is why a financial adviser must be part of the planning process.
“Clients come in with their wills done but they often have no flexibility in the document, they don’t understand what their assets and liabilities actually are or what the tax implications might be,” says Greg Perks, Director of Perks Wealth Management.
“This is where a financial adviser can really bring everything together.”
Financial advisers have a comprehensive understanding of their clients’ circumstances and possess the expertise needed to facilitate an Estate Plan. A financial adviser will identify the client’s needs and ensure all scenarios are directed towards achieving the best outcome for the client and their beneficiaries.
“The financial adviser’s job is to ensure the Estate Plan is funded properly and the insurance is owned by the right person,” Greg says.
”The accountant’s task is to ensure the client’s affairs are structured appropriately from a tax point of view, while the solicitor’s job is to make sure the documentation is drawn up to reflect the overall plan.”
The death of a loved one is never easy, but there is peace of mind in knowing the family is provided for with a carefully considered Estate Plan that protects their future.
For more information on drawing up an Estate Plan please speak to a Perks Financial Adviser on (08) 8273 9300.
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