Estate planning involves working out the best way to distribute your personal possessions and financial assets when you die.

It includes preparing a Will but can also cover a lot more.  For example, it can include nominating someone to act on your behalf should you become unable to act for yourself; or specifying arrangements for the smooth transfer of your assets.

No matter what your personal circumstances, estate planning is important because it helps to ensure your assets will be managed and transferred according to your wishes in the most financially efficient and tax-effective way.

You can also use estate planning to:

If you die without having a legally valid Will, you are said to have died intestate.  Your assets and personal effects are distributed in line with a strict formula under South Australian Law.  In fact, each state has its own formula and it can create added stress, and expense, for your family and friends at an already difficult time.

While the legislation is intended to result in a fair and orderly distribution of property, the formula may not match what you would like to happen to your possessions.  Without a Will, it is impossible for any benefit to be made to close friends, in-laws, charities or other organizations.

Volunteer: As an ACSA volunteer, you have given so much of your time to a charitable organization which you are obviously passionate about.  You can ensure that your favourite charity will continue their important work once you have passed away by leaving a bequest in your Will.

Supporter: As a passionate supporter of ACSA, you can ensure your favourite charity will continue their important work once you have passed away by leaving a bequest in your Will.

The bequest can be in the form of a specific donation, or simply the residue of your estate.

If you have complex family or personal relationships or significant assets (own your home or business plus have additional property or investments), it is a good idea to seek professional estate planning advice.

If you do not already have a Will, or it needs updating, mention this article and you will receive a 10% discount on all estate planning services with Australian Executor Trustees.  Simply call 1800 882 218 to arrange an appointment today.

Disclaimer

This is intended to provide general information in summary form on the topic discussed and is current at the time of preparation.  The contents do not constitute legal, tax or financial advice and should not be relied upon as such.  Before acting on any information contained in this article you should consult an Authorised Representative of Australian Executor Trustees Limited ABN 84 007 869 794, AFSL No. 240023, RSEL No. L0002554 or your financial adviser.