Wills and estate planning

Having an up-to-date will and adequately planning for your estate are vital to promoting the future financial wellbeing of your family. Approximately 40 per cent of Australians die each year without a will. Many more leave wills that are neither current nor relevant.

Legal issues of wills and estate planning

A StrategyOne Financial Planner can help you consider the legal issues around your wills and estate planning, and can refer you to estate planning lawyers where relevant. How you structure your will, the appointment of trustees, how your estate is distributed and the appointment of guardians for any children are important issues that need to be addressed in your will.

Naming your beneficiaries

No family dynamic is simple and our Financial Advisors are skilled at helping you navigate towards a decision on naming your beneficiaries. Sound estate planning safeguards against any challenges made to your estate after your death by acrimonious family members or business stakeholders.

We can also advise you on bequeathing funds or assets to a charitable organisation and discuss Advance Directives in the case where you become incapable of making a decision on your health or welfare.

Benefits of setting up a trust

Should you wish to preserve your estate, we can advise you on setting up a trust to benefit future descendants of your bloodline and safeguard against bankruptcy, divorce, and squandering. Setting up a trust can be very useful if you: want to pass on a family business; have a superannuation payout; have capital losses or property which may be subject to capital gains tax; have life insurance; or have family debts.

A trust gives you far more flexibility in distributing your assets, such as providing for future grandchildren or family.

Leaving adequate provisions for your dependents

Estate planning and the writing of your will also concern ongoing provisions for your dependents, including ageing parents. Our Financial Advisors can help you appoint a guardian for your children and nominate an amount of maintenance to be periodically administered.

You may also wish to include instructions in your will regarding your funeral.

Wills and estate planning are essential to wealth creation

You’ve spent the majority of your life building wealth. Don’t let an incomplete or out-of-date will erode your success. Astute estate planning and a will enables you to continuing providing for your dependents and descendants after your demise.

Ensure the executor of your will has been asked to perform these duties and that they know where your will is located and be sure to review your will periodically and update it to reflect your intentions when circumstances and relationships change.

Financial planning for wills and estate planning

Read real life client case studies of how wills and estate planning are applicable to:

StrategyOne Advice Network is an authorised representative of Fitzpatricks Private Wealth Pty Ltd, AFSL No. 247429, ABN 33 093 667 595 (“Fitzpatricks”).

This information is of general nature only and is not intended as a personal advice. It does not take into account your particular investment objectives, financial situation and needs. Before making a financial decision you should assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. We recommend you consult a professional financial planner who will assist you.