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estate plan

How Can I Benefit from an Estate Plan?

Make sure your loved ones are not financially or legally burdened after your passing. You may leave your family in a far better position to manage your estate and ensure that your money is distributed to your beneficiaries in the best possible way by engaging in professional estate planning advice.

Many people believe that a Will is enough to safeguard the transfer of assets to their intended recipients, but this is untrue. Others think they don’t need to worry about estate planning since they think it only applies to wealthy people.

The truth is that every Australian should have an estate plan as part of their financial strategy. In the big picture, you can make a little investment right now to safeguard your family’s financial stability – something many people value highly.

The sections below further show the significance of estate planning.

Explaining Estate Planning 

An individual’s whole wealth is transmitted to the next generation in the best way possible through the multidimensional estate planning process. It also entails making sure that procedures are in place for the efficient management of assets if a person experiences a period of physical or mental incapacity before passing away.

Determining Why a Will Is Insufficient

A Will is essential, but estate planning is even more significant since it takes a more comprehensive approach to transferring a person’s assets and wealth. Additionally, it considers the particular circumstances of every family and beneficiary.

So, while a Will is a component of an estate plan, it is only one component.

A Will does not cover all assets. For instance, property held in a family trust or a business does not pass through a Will; other arrangements or legal documents are necessary.

A family trust can only transfer assets to a specific individual by also giving them power over the trust. Similarly, assets in a proprietary firm do not pass through a Will; only the company’s shares do.

Superannuation is not generally protected by a Will, which is another widespread myth. The super fund’s trustee holds a member’s superannuation on their behalf. The member must submit additional paperwork to their Superannuation Fund to ensure that the super will flow to the proper recipients, i.e. a valid Binding Death Benefit Nomination form. For superannuation to be handled following a person’s Will, it is also possible to direct superannuation to their estate by nominating their Legal Personal Representative.

Finding Out Your Unique Needs

Realising that estate planning is a more than one-size-fits-all offering is crucial. It entails a thorough analysis of the particular conditions that each family and each intended recipient present.

The dangers that a certain recipient may face in relation to an inheritance must be identified, and measures must be taken to reduce those risks. For instance, it might be appropriate to provide certain beneficiaries with a type of testamentary trust that safeguards the trust’s assets from third parties or even the beneficiaries themselves.

The beneficiaries should be given tax-efficient means of managing their inheritance for the remainder of their life, which is another significant reason to think about drafting a will containing testamentary trusts.

It’s crucial to check the trust deeds and company constitutions if a person has assets spread across multiple entities to ensure smooth succession planning.

Comprehensively Plan Your Estate with Coastal Advice Group

Even though estate planning can be challenging, it’s an essential component of one’s overall financial strategy and should not be put off until the last minute. Australians can experience peace of mind knowing their family and loved ones are taken care of with good planning.

A Financial Adviser will work in conjunction with your estate planning solicitor to help guide you and your family through the estate planning process, complete all necessary documentation, and make the right decisions with your financial and personal assets.

Upon your death, your Financial Adviser can then work with your solicitor to dissolve your investment portfolio and then distribute your financial assets and personal insurance claims in adherence to the instructions outlined in your estate plan, ensuring peace of mind during your family’s time of grief.

Coastal Advice Group is ready to help if you need assistance with estate planning. We have offices located in Newcastle, the Central CoastSydneyPort Macquarie, and Byron BayCall us or book online to secure your complimentary first appointment with us today and get started!


DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.
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