Estate Planning refers to the process of planning and documenting your wishes for the distribution of your assets when you die. Estate planning not only deals with the assets that you own personally, but those that you control as well. Estate planning can also involve the use of insurance policies and should also consider how your superannuation benefits are to be paid after your death.
A good estate plan requires the involvement of skilled legal, accounting and financial specialists, to ensure that the right assets end up in the right hands at the right time. There are some basic elements that should be considered when addressing your estate planning needs.
- Having sufficient assets available to meet your wishes upon death;
- Ensuring beneficiaries receive the entitlements that you intended for them to receive;
- Any taxation associated with the transfer of assets is minimised;
- Beneficiaries with special needs are protected;
- Ownership or control passes to a beneficiary at the right time.
Source: Aon Hewitt Financial Advice Limited, August 2015
Information on this site may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product.
