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.
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.
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;