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Estate Planning

 

Why do I need a Will?

 

If you die without a Will you are deemed to have died intestate. If this occurs your assets will be distributed according to a standard government prescribed formula. In our experience this formula has the potential to cause a lot of heart ache to the deceased’s family and in many cases is not what the deceased would have wished for.


Most people believe that if they die without a Will their estate automatically passes to their spouse.

Think again…….If a spouse with children dies without a Will, their partner receives a ‘prescribed amount’ and then only a ‘portion’ of the remainder of the estate. The rest will be shared between the deceased’s children, regardless of their age. The value of the ‘prescribed amount’ and the ‘portion’ varies between different states and territories.

 

Estate planning ensures your assets are distributed in a tax effective way and can minimise the effects of capital gains tax. As part of the process you should also check your superannuation funds and life insurance policies to see who you have nominated as your beneficiary and seek to make changes if necessary and possible.

 

Estate Planning involves all the assets you may own or control (singularly or jointly) and includes documentation such as Wills and Enduring Powers of Attorney. It may also involve the use of different Trust structures such as, Testamentary and Discretionary Family Trusts and others.

 

An often overlooked or less prioritized part of the financial planning jigsaw puzzle, it can and most often does the most damage to ones financial plan if not planned for accordingly.

 

At Box Hill Financial Services, Estate Planning forms an integral part of our work with clients.

 

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