It’s important to have your ‘bases covered’, just in case the worst should happen.
Many people forget about the importance of getting their estate in order.

Here are some tips to help you.

Make a will.
A will allows you to distribute your estate according to your wishes. You can also avoid the additional costs and delays that may result if you die without a valid will.

Choose your executor wisely.
Your executor is responsible for ensuring the administration of your estate is dealt with in a timely and suitable way.

Execute a power of attorney.
This allows you to choose a person that you can trust to act on your behalf to look after all or some of your affairs while you are still alive. An enduring power of attorney will continue if you lose your mental capacity and need someone to look after your affairs.

Establish a testamentary trust.
By including certain conditions in your will, a testamentary trust can be created after your death to protect your estate’s assets and provide for your beneficiaries tax-effectively.

Complete a binding nomination.
If offered by your super fund, a binding nomination may allow you to specify whether you want your death benefit to be paid to your estate and/or to your dependants. Make sure you keep your nomination up-to-date, as nominations are generally only valid for three years.

Choose a super fund that makes anti-detriment payments.
This could enable your dependants to receive a larger death benefit when your super is paid as a lump sum.

Choose a super fund that can pay pensions.
Death benefits paid as a pension may be a tax-effective option for your dependants – particularly if you die with larger super benefits in the 2006/07 financial year.

Make sure you leave enough money.
To enable your family to pay off debts and meet their living expenses, you may need to take out extra life insurance. This could be purchased through your superannuation fund or you can buy it separately.

Make the right ownership decisions.
When you acquire new assets, such as a house or an investment, it’s important for tax and other reasons to consider whether you should invest in your name, your partner’s name, in joint names or via another arrangement, such as a trust or company.

Seek advice.
Estate planning is complex and the laws change frequently. Your financial adviser (with the help of tax and legal professionals) can ensure you make the most of your opportunities and provide for your loved ones. Ring Rick and the team at Advanced Wealth Creations on 07 5493 2713 now