Blackburn Accounting - Estate Planning

Estate planning Shhhhh not something I want to talk about. How often have you heard or said that!

It’s the conversation we often avoid or put off until we find ourselves forced to have it.

The conversation, the questions;

What do I need to do to have plans in place for the future, to protect my interests and my family and loved ones when I am gone?

Don’t wait, act now, read on……..

What is Estate Planning and who can I contact for professional guidance and advice?

This is where Blackburn Accounting can help. We are your family Business specialists offering solutions in retirement and estate planning.

Estate planning is the process of arranging during a person’s lifetime for the management and disposal of that person’s estate; during that person’s life, should they become incapacitated and after death.

Estate Planning is more than just having a will.

Estate 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.

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 in a legal and logical manner, 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?

Did you know for example, that even when you have a will, it may not apply to all of your wealth and assets. Complications can arise depending on where your assets are held. Another example, did you know that your superannuation may not even form part of your estate?

One of the key roles of your accountant in Estate Planning is to ascertain who owns what so that the assets can be split into these three separate areas and dealt with accordingly.
Key elements in Estate Planning include;