Estate planning is one of the most important things a person needs to address when it comes to finances. Yet remarkably, it is often overlooked. It’s human nature that we don’t want to think about dying or leaving this life, but it is critical that we face up to this inevitable event and plan accordingly.
A home, business or investment(s) could easily end up in the wrong hands unless a person makes a concerted estate planning commitment to avoid any difficulties – and family feuds.
Sadly and too often family’s are torn apart because of arguments over a loved ones estate, due to inadequate Estate Planning. So I think everyone should be compelled to get their estate planning in order to avoid any such conflict. At Complete Financial Solutions we have a team of estate planning advisers who can help you plan for the future.
Yet estate planning is more complicated than just making a Will. This is because many assets can fall outside the remit of a Will, so it is important to sort these issues out. Whilst property is usually taken care of in a Will, other things can be overlooked like bank accounts, investments held in a family trust, estate as joint tenants, insurance policies and superannuation accounts.
Thinking about how much funding you’d like to leave to loved ones is one thing but thinking how you’ll provide that funding is very important. For example leaving your super to a spouse or dependant will be paid out without any tax liability. But if paid to someone other than a spouse or dependant significant tax could need to be paid the beneficiary, so getting good Estate Planning Advise is critical.
At Complete Financial Solutions we can get your estate planning started by sorting out issues pertaining to your Wills, taxation and asset protection. We can also talk to you about testamentary trusts and powers of attorney, all important considerations in this often overlooked area of Financial Planning.
Let us help you and do your loved ones a big favour by ensuring your estate planning is up to scratch. It’s all part of what we at Complete Financial Solutions can do for you to maintain your peace of mind knowing that all is in order when you are no longer here to steer the ship.
