It is estimated that 40% of Australians will die without leaving clear instructions in a formal Will. Estate Planning is about providing certainty to those you leave behind.
A well-formed Estate plan will allow you to take control over what happens to your assets once you are gone. At a minimum it should consider the tax implications of your legacy, the care of your children, the succession plan for any business interests as well as how you would like your estate divided.
Given the focus and sacrifice that is often required to create wealth while you are alive, leaving the administration of your estate to chance can be a very costly option. Your assets could be divided according to specific state based legislation, distributed in a way that creates unnecessary tax bills, or trigger a dispute that can tear apart your remaining family.
Estate planning is about protecting the wealth you have built up over a lifetime so that it can benefit those you leave behind. It’s also about peace of mind – prepare for tomorrow, today!
