Estate planning 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. 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.
Estate planning is about giving you control to make sure that:
• The people you care about are looked after once you are gone, and
• Your assets are passed on to the people you want to receive them.
Who benefits from estate planning?
Estate planning is beneficial for everyone. The more complicated your personal and financial affairs, the more important it is to have an estate plan. Planning for the future becomes more important at certain times in your life, such as:
• Getting married, moving in with a partner, separating
or getting divorced
• Having children, including step children
• Moving house, interstate or overseas
• Buying real estate or other valuable assets
• Relationships breaking down
• Buying, selling or operating a business
• Setting up a family trust or company
• If you have family members with special needs.