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Estate planning is an issue which many people don't consider until it is very much needed which may place unnecessary pressure on you and your family.
Estate planning can be a touchy topic for an individual as it deals with the capacity for an individual to make sound decisions about their finances and physical care should that be required hence the process can be difficult to go through but is an essential part of ones future.
Estate planning can be enacted once an individual is no longer able to make sound decisions and the nominated person can then act according to the direction provided in the estate planning document.
We strongly recommend you engage the services of our accredited financial planners who will be able to guide you through the process and how estate planning can benefit you and your family.
What we have done before you contact us is highlight some areas which estate planning covers and how these different estate planning options may work for you.
Estate Planning can be in the form of any of the below depending on your circumstances and needs, simply follow the link below and more detailed information is then provided:
Power of Attorney
Another element of estate planning is that of creating a power of attorney.
What this does is appoint another person that you nominate to act on your behalf at such a time where you are unable to make sound decisions based on your mental or physical health or cannot operate in a normal capacity.
To find out more about how estate planning can help you in this regard please contact us. Alternatively we can arrange an appointment with a financial planner at a time which is convenient to you.
Enduring Guardian
Estate planning can provide you the option to put in place an enduring guardian which differs from a power of attorney in a sense that an enduring guardian is able to make personal or lifestyle decisions where a power of attorney cannot make these decisions.
Within estate planning you are able to nominate more than one enduring guardian for example, your younger siblings or closest friends can be nominated. For further information on this financial planning option please contact us to have a discussion or to arrange an appointment with a financial planner.
Testamentary Trust
A testamentary trust can be established by a will as part of estate planning and the reason a testamentary trust can be used is for the purpose of managing income which may be generated from the deceased estates assets.
This part of estate planning is becoming more commonly used as it ensures that assets are not squandered and are managed appropriately for the long term benefit of the beneficiaries nominated.
For further information please contact us to discuss your options or to arrange an appointment with a financial planner.
Binding Nomination
A binding nomination as part of the estate planning process gives authority to a superannuation fund to disburse the benefits of the fund in the event of the members death.
The trustee is bound by the members request and this binding nomination can be enacted as part of estate planning.
A binding nomination must be renewed every three years to remain valid, bear in mind that a binding nomination also applies to life insurance policies and can again be put in place as part of the estate planning process.
For further information please contact us to discuss your options or to arrange an appointment with a financial planner.
Wills
Having a valid will is imperative to ensure that your estate is managed appropriately when the time arises and a valid will ensure that your wishes are carried out as per your request and this lessens the stress for your beneficiaries.
A will as part of estate planning needs to be updated on a regular basis to reflect changes in your financial position and changes to beneficiaries as you deem appropriate.
For further information please contact us to have a discussion or to arrange an appointment with a financial planner.
Once you engage the services of a financial planner through AussieWise Finance Group you will be guided through estate planning and the benefits of each of these types of estate planning options.
Why not contact us to find out more about estate planning or book a financial planner to come and have a discussion with you.
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