Estate planning isn’t just for pre-retirees. Learn about the key pillars of estate planning, how it works to protect clients across various scenarios, and why it’s important to get estate planning set up sooner rather than later.

Many people think that Estate Planning is only for people who are close to retirement, especially if we fall into the trap of thinking that Estate Planning is just about getting a will. But did you know that Estate Planning addresses key protection strategies whilst you’re still alive? It doesn’t matter who you are, Estate Planning is for everyone.

What are the key pillars of Estate Planning?

Estate Planning is all about making sure that you get the choice as to what happens to you and your assets – whether that’s if you need someone to make decisions on your behalf, or you pass away and your estate needs to be divided up.

This article is designed to educate and prepare your clients for the often overwhelming task of estate planning. Five important components are discussed, which further break down the major issues that can arise if plans are not in place. A call to action is provided at the end of the article to seek professional help.

It’s a sad but unavoidable fact: one day we are all going to die. You will most likely have clear ideas as to how you would like your hard-earned wealth – your ‘estate’ – to be divided amongst your loved ones or other beneficiaries. However, estate planning is a complex area of law and basic mistakes can see Wills declared invalid, money end up with unintended recipients, or benefits reduced by avoidable tax bills. So how can you avoid making some of these mistakes?

With a massive $3.5 trillion dollars expected to be inherited by Australians over the next 20 years, understanding how to manage these funds will be crucial for the average Australian. This article discusses tax and Centrelink implications of receiving an inheritance, the use of superannuation and family trusts, and highlights the importance of seeking advice both before and after receiving an inheritance.

More than $3.5 trillion dollars in inherited funds are expected to change hands within Australia during the next 20 years, with Australians enjoying one of the highest inheritance payout rates anywhere in the world.

According to investment bank HSBC’s Future of Retirement report, Australians pass on average $561,000 to their heirs, almost four times the global average of $148,000, with two in every three Australians planning to leave an inheritance.