Have you got an exit plan? The importance of estate planning
Most Australians want to leave an inheritance for their kids, but it’s important to ensure your wishes are carried out without a legal tussle.
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One of the rules of successful investing is to plan your exit well ahead of time to protect your profits. The same can be said about planning your finances for your final exit, otherwise known as estate planning.
Estate planning covers how your financial assets should be distributed after your death.
Because your super is not covered by your Will, careful consideration needs to be given to the nomination of beneficiaries, the tax implications, and the financial wellbeing of your spouse and other dependents after your death.
Increasingly, an estate plan also details how you should be looked after later in life if you are then unable to make your own decisions.
Most Australians want to leave an inheritance for their kids, but it’s important to ensure your wishes are carried out without a legal tussle.
Now that six-member SMSFs are allowed, the question remains; should family members join forces or go their separate ways?
Establishing a testamentary trust through your Will can have significant benefits for your family and beneficiaries, so it’s worth learning more about them.
Your SMSF is an important component in the estate planning process. Check our 9 tips for keeping your fund estate planning ready.
In this video Tracey Spicer talks to Jean Kittson about her book We need to talk about Mum and Dad, a practical guide to supporting ageing parents. Jean shares tips about confronting the taboos around ageing, deciphering a whole new world of jargon and finding the right specialists to help you navigate headaches such as Centrelink, aged care and enduring powers of attorney.
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