What is Estate Planning?


Estate Planning is making a plan to set out what will happen to your assets upon your death is crucial.

It involves carefully considered decisions regarding your estate and property, your future and also the future of your children.

Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law, therefore, it is important to get advice. 

Why is Estate Planning important?


Because your personal circumstances change from time to time, it’s important that you regularly review the estate planning and income tax consequences when it comes to the distribution of your superannuation assets to your beneficiaries.

Therefore estate planning should not just be a retirement related decision.

When you are making your estate plan, it is important to be clear about your needs and requirements before you decide to go ahead and record your decisions about who you authorise to make decisions on your behalf in your old age or wish to bequeath your property to.

How Generation Private Wealth can help?


Being prepared is all about protecting loved ones. Generation Private Wealth can ensure you have all your based covered.

We go through the needs below to ensure you have a full understanding;

  • How to make a Will (this is an official document that records the distribution of assets)
  • Identify your Superannuation death nominations (who gets your super benefits when you die)
  • The creation of testamentary trusts to distribute assets to your beneficiaries
  • Powers of attorney (appointing someone else to conduct your affairs if you are unable to do so)
  • Power of guardianship (giving someone else the power to make personal and lifestyle decisions for you if you lose your mental capacity)
  • Anticipatory direction or advance health directive (instructions on your wishes regarding medical treatment if you’re unable to communicate)