You’ve worked hard to build your wealth, so it’s important to consider what will happen to your money and assets when you or your partner passes away. At Prosperity Mutual we understand the importance of estate planning and acknowledge that a large portion of Australian’s forget or put to one side to organise later and consequently never gets organised.
Estate planning involves much more than having an up-to- date will. A good estate plan will structure your estate so you can distribute your assets according to your wishes, protect your family’s interest and minimise tax.
As part of your estate plan, you’ll need to:
- Ensure that your will is up to date (or our solicitor can help put one together)
- Have adequate life insurance
- Understand the tax consequence of how your assets are distributed
- Implement a binding death benefit nomination on your superannuation
- Put in place an enduring power of attorney
Estate planning can be complex, with many different factors to take into account. For example how your assets are distributed according to your will may have tax consequences. You need to consider these issues when drafting your will and creating your estate plan. Careful and correct planning can reduce the likelihood of your dependants suffering financially or claims being made against your estate.
It’s really not that daunting but we have included this service as an integral part of our membership! For more detail on how you can plan for a structured, tax effective and organised transfer of your assets to loved one contact Prosperity Mutual today and we will further explain how this service fits with your membership.
