What is Estate Planning?

Estate planning is also commonly called a succession strategy. A well-structured financial plan has to incorporate a ‘succession strategy’ to ensure that your and your family’s financial objectives may still be reached in the event of death, illness or incapacity.

One area that is often overlooked is the process and the implications of transferring assets to family, charities and other beneficiaries. Usually this occurs on the death of the person, but sometimes the person may wish to transfer assets whilst they are alive.

Do I need a succession strategy:

You need a succession strategy if you would like to:

❯ Transfer ownership of your assets to those people/organisations whom you would like to see benefit either while you are still alive or upon your death. Proper planning ensures that the transfer of assets is done in the most tax effective manner.

❯ Pass control of the decision-making regarding your financial assets and medical circumstances if you become incapacitated. Proper planning ensures that the most appropriate people can make decisions on your behalf. Conveying your wishes for your Funeral and preparing for the costs is another important consideration in this process.

What’s the process for Estate Planning?

Before an Estate Plan becomes effective, the appropriate legal documents must be executed. The necessity for careful planning and execution of the legal documents cannot be over emphasised. Faulty execution can alter or even invalidate an Estate Plan and result in unnecessary taxation and administration implications. Your Will, Enduring Power of Attorney, Advanced Health Directives and corresponding documentation are some of the most important forms you will ever sign – it is paramount to get them right.

How can DP Wealth Advisory help?

Your Advisor at DP Wealth Advisory will be very proactive and involved in this process to help support your Legal Advisors in making sure your Estate Planning results in the best possible outcome.

Some of the questions we
are commonly asked:

❯ What’s the best way to transfer my assets to my family?

❯ I want to leave a donation to charity in my will. Are there any implications?

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