A Guide to Estate Planning

Estate planning is the preparation for the transfer of assets from one individual to another, or to another generation. Proper estate planning will determine who will be the estate’s heirs and beneficiaries and it determines how much each will receive and from which specific sources.

A properly crafted estate plan is more than a will and set of Powers of Attorney (PoA). A properly crafted estate plan incorporates these documents and other entities such as your superannuation fund, family trust, corporate trustees, investment companies, business, your family and your wishes. There are many things to consider in not only the transition of assets but also the transition of control of those assets. Without a valid will, state-based laws of intestacy will decide the outcome of your estate.

Have you considered:

• Does your family know who your financial adviser, accountant, or lawyer is, so they can access an up-to-date record of your assets and liabilities?
• Have you thought about establishing a trust to protect and manage your assets?
• Would you like to provide a family member with the option to live in one of your properties?
• How does your life insurance fit into your overall financial plan?
• Have you created healthcare directives to ensure your medical preferences are followed if you become unable to make decisions for yourself?

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