“Is estate planning that niggly job you never quite get to?”

On the top of your to-do list is probably signing up to a gym, reading more books or spending more time with family. But what’s at the bottom of your list? What’s that niggly job that you never quite get to year after year?

If you’re like a lot of people, it’ll be something like estate planning. Not because it isn’t important, but because it all seems too hard. Who should I give power of attorney to? Who should my beneficiaries be? Who should I elect to control my assets? And how do I make sure the distribution of my assets is fair?

The questions can seem tricky, but once you sit down with the right people, the answers will usually present themselves in a fairly logical way.

Often lawyers will suggest that you get a financial planner involved. This is because a good planner can present financial modelling that shows you how beneficiaries will benefit over the long term. Being able to picture the impact your estate will have makes it easier for you to make those big decisions. Consulting with a financial planner also shows that you are of sound mind and have made decisions based on the facts. This could come in handy if someone tries to contest your Will down the track.

A financial planner will also look at your total asset position, the benefits of a testamentary trust and strategies for minimising tax for your beneficiaries.

If recent times have taught us anything it’s that life can be fragile, and dealing with the unknown can be stressful. Think about reducing unknowns in your life. Make 2023 the year you get your estate plan in order and create some certainty for the future.

If you would like more information please call 1300 ELSTON or contact us to speak to one of our advisers.