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Estate Planning, a topic and conversation often avoided or spoken about in hushed tones. Estate Planning is the process of developing a strategy to deal with your assets after your death. 

It involves arranging during a person’s lifetime for the management, transfer and disposal of that person’s estate, both during their lifetime and after death. Covering your assets such as personal belongings, investments, and property. 

The process entails creating legal documents like trusts, wills and powers of attorney to appoint guardians, minimise taxes, and ensure your wishes are followed.  

Estate Planning is more than just having a will! 

Estate Tax Planning is about wealth succession, a way to help protect and ensure the wealth you have built over a lifetime is distributed according to your wishes. There are benefits for all concerned. 

If you are a Business operator, approach Estate Planning as part of your overall Succession Plan for your Business. 

An Estate Plan is designed to help protect your loved ones. A rigorous estate plan ensures your wealth transfers smoothly and tax effectively to your intended beneficiaries. It will help them minimise taxation upon transfer of assets legally and logically, in accordance with your wishes.  

Estate planning can be captured under three questions: 

What do I have? 

Who do I want to have it? and, 

What will the implications be for that person? 

Key aspects of Estate Planning  include: 

• Incapacity Planning 

• Asset distribution 

• Medical directives 

• Tax/cost minimization 

• Reduce disputes 

Estate Planning is important for everyone. Something every adult should consider, particularly when life changes occur, such as buying property, marriage, and having children.  

Need help with your Estate Planning? Want to have the conversation? Blackburn Accounting can help. We are your Family Business Specialists offering solutions in Retirement and Estate Planning. Contact us today or, visit our website www.blackburnaccounting