Financial
 Planning

Estate Planning

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In its more simple form, estate planning is all about peace of mind. It’s about making sure that your assets are distributed to your beneficiaries according to your wishes and in the most financially efficient and tax-effective way possible.

Why think about estate planning?

With family structures becoming more fluid, planning your estate has become more important in recent times and often involves much more than just a simple Will.

Family trusts, payouts of superannuation balances and the tax implications for beneficiaries can all be managed with a careful estate plan. Seeking advice from your financial adviser is a crucial step in developing an effective estate plan.

Developing an effective estate plan will ensure that:

  • the tax payable is minimised on the income and capital gains earned on assets;
  • the right ownership and control of your assets passes to your intended beneficiaries; and
  • your assets may be protected if the beneficiary is involved in any legal difficulties (for example, divorce or bankruptcy).

A sound estate plan can assist in avoiding possible difficulties and disagreements for your beneficiaries.

Keep it current

Your estate plan should be reviewed on a regular basis, and particularly when a significant event occurs such as:

  • commencing work
  • changing employment
  • getting married
  • getting divorced
  • the birth of children
  • starting your retirement
  • the death of a relative you have included in your estate plan.

Estate planning is a vital part of your overall financial plan and it should not be left until it’s too late. The events (listed above) can be life altering for you and your loved ones and should prompt you to think about your estate planning needs and objectives.

A checklist has been provided below to assist you with your estate planning objectives and requirements:

An estate planning checklist Yes No 
Do you have a valid Will?        
Have you reviewed/updated your Will since the last significant event in your life?        
Does your Will protect your assets to ensure they are not inappropriately diminished?        
Do you know how much money your family would need if you died today?        
Are you and your family financially protected if you were to suffer a serious illness/injury?     
Are you and your family financially protected if you were to become totally and permanently disabled?       
Have you appointed someone to look after your affairs if you die or become incapacitated?        
If you are a business owner, have you considered exit strategies from your business?        
If you are a business owner, have you planned for the future of your business after you die?        

If you answered ‘no’ to any of these questions, it is possible you have a gap in your estate planning needs.

How can Edwards Marshall Financial Solutions help you?

EMFS can conduct a detailed review of your estate planning arrangements. We welcome your call on 08 8139 1111 to arrange an obligation free meeting to discuss.

EMFS is a  corporate representative of Edwards Marshall Advisory Pty Ltd (EMA), ABN 18 600 878 555, AFSL 479792. Edwards Marshall Advisory Pty Ltd holds the licence to provide financial planning services and product advice. EMFS has four individual authorised representatives of Edwards Marshall Advisory Pty Ltd. They are James Scott-Young, Alana Lesan, Grant Edwards and Steven Wild.