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The Important Questions to Ask When Estate Planning

December 13, 2022 | Estate Planning

Estate planning is an essential part of financial planning that should not be overlooked. It involves taking stock of your assets, evaluating your needs, and deciding how to distribute your wealth after you pass away.

Estate planning includes a variety of topics, such as taxes, trusts, Wills, and more. It can be an overwhelming process, but it doesn’t have to be.

By asking the right questions, you can ensure that you are adequately prepared and that your wishes will be fulfilled. Here are some of the essential estate planning questions everyone should ask.

Essential Estate Planning Questions

Do you need joint ownership?

If you have multiple assets, it may be beneficial to have them owned jointly so that the surviving partner can continue to benefit from them after the death of the other. Joint ownership can also help avoid probate and simplify transferring ownership to the surviving partner.

Do you have designated beneficiaries for your assets?

Designating beneficiaries for your assets is an essential part of estate planning. Beneficiaries can be named for any asset, including superannuation accounts, life insurance policies, etc. Naming beneficiaries ensure that your assets will go to the desired recipients without going through probate.

Do you need to consider establishing a living trust?

A living trust can effectively manage and protect your assets during your lifetime and after your death. It can help to avoid probate, provide for the care of your loved ones, and ensure that your assets are distributed according to your wishes.

Depending on your circumstances, a living trust may or may not be necessary. Speaking with an experienced estate planning solicitor is vital to determine your best option.

Do you need a Will?

A Will is a legal document that outlines your wishes for how you would like your assets to be distributed after you die. It is crucial to have a Will so that your wishes are respected, and your assets are distributed according to your wishes. Without a Will, your assets may be distributed according to state laws, which may not align with your wishes.

What are the tax implications of estate planning?

In Australia, estate planning is subject to taxation. Depending on the assets and the estate’s value, different tax rates and rules may apply. It is important to speak to a qualified accountant or tax adviser to understand the tax implications of estate planning in Australia.

Should you incorporate life insurance into your estate plan?

Life insurance can help provide financial security for your family after you pass away, and it can be used to pay off debts, cover funeral costs, and provide an inheritance for your beneficiaries. It is essential to speak to a qualified insurance professional to understand the types of life insurance policies available and determine which suits your needs.

Prepare a Comprehensive Estate Plan with Support from Coastal Advice Group

Estate planning is a necessary process that should be addressed. Asking the right questions can help you make the most of your estate and ensure that your wishes are carried out in the event of your death. It is essential to understand the various issues involved in estate planning and to get educated on the legal aspects of Wills, trusts, and probates. Having a plan in place can provide you and your family peace of mind and help ensure that your assets are distributed appropriately. Estate planning is not something to be taken lightly, so be sure to ask the right questions and seek professional advice when necessary.

Coastal Advice Group can help you with estate planning. Our financial advisers can walk you through the process in every phase of your life. We have offices located in Newcastle, the Central CoastSydneyPort Macquarie, and Byron BayCall us or book online to secure your first appointment with us today and get started!


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