A large part of your life is spent working to earn money to look after yourself, to provide for your family and to save for the future. Given the focus that is placed on creating wealth while you are alive, it seems logical to want some control over what happens to these assets once you are gone.
Intergenerational wealth is about wealth succession – a way to help protect the wealth you have built over your lifetime so that it is distributed according to your wishes following your death.
Estate planning is about giving you control to make sure that:
1. The people you care about are looked after once you are gone
2. Your assets are passed on to the people you want to receive them
What’s involved in estate planning? There are three main tools to assist with your succession planning:
1. A Will
2. Powers of Attorney and Guardianship
3. Superannuation nominations