The Importance of Estate Planning as part of Financial Advice

Estate planning has a vital role when it comes to protecting your valuable assets and ensuring that your loved ones or chosen beneficiaries are taken care of.

When you have estate planning in place, it ensures your wishes are honoured after you have passed, or in the event that you become incapacitated.

Estate planning financial advice is extremely important, especially if you have multiple assets that need to be taken care of.

What is estate planning?

More than anything, estate planning involves having peace of mind that your assets are protected and that if you wish for your loved ones to receive certain benefits, these will be actioned accordingly.

Also, a robust plan determines who will be acting on your behalf when you are no longer able to make your own decisions.

Financial planning also takes superannuation and life insurance into account, and whether these factors will form part of your estate, or whether they will be passed to specific beneficiaries as per your final decision.

Why is just ‘having a Will’ not enough?

Having a Will in place is a valuable part of your estate and will typically indicate which estate assets are to be given to certain beneficiaries.

However, a Will does not usually include superannuation, life insurance, or joint tenant assets.

This means that a Will is not enough when it comes to planning for the future and how your assets will be divided.

The role of financial planning in estate planning

Financial planning is an essential component of estate planning.

It assists individuals in managing their finances effectively, optimising tax implications, protecting their assets, and aligning estate planning with retirement goals.

Both financial planning and estate planning are essential components of a comprehensive approach to managing your financial affairs effectively.

Estate planning and financial advice are some of the most important steps that you will take in your lifetime.

When you actively invest in estate planning, you will not leave anything to chance. You know that all of your assets, as well as life insurance and superannuation will be allocated to the right beneficiaries, allowing you to take care of your loved ones even if you are not present anymore, or in the event that you are incapacitated.

We know that everyone’s life circumstances are different, which is why we offer personalised solutions for estate planning financial advice. We look forward to helping you make informed financial decisions to ensure your estate planning will meet your vision. Contact us today to book your initial meeting.

This article contains general information about estate planning. It does not consider an individual’s personal circumstances and therefore before relying on any content, you should ensure that you have obtained individual personal advice from a licenced Financial Adviser.