What is Estate Planning

Your estate plan is more than a will. It also details how you want your assets to be protected while you’re alive and what happens to them after you die. For more information on estate planning, please go to https://www.amp.com.au/personal/hub/m… Transcript Nobody lives forever, and if they do, they’re keeping pretty quiet about it. It seems the best we can do at the moment is reverse the seven signs of aging. So, ahead of the inevitable, how do you make sure you protect yourself and your assets? Estate planning involves formalising how you want to be looked after both medically and financially, when something happens to you, or when you’re unable to make decisions for yourself. And, how you want your assets to be protected while you’re alive and distributed after you die. It can involve wills, trusts, superannuation, life insurance, powers of attorney and property ownership. Appropriate estate planning can minimise family disputes over assets and make difficult decisions easier. It can help to reduce tax paid by inheritors, and make your intents clear about the distribution of your assets. Online will kits are available … online… however, engaging a solicitor or estate planning lawyer can help immensely, especially in more complex situations. If an estate plan is on the cards, it’s important to keep it up to date with changes or when a situation evolves…and ensure you regularly review nominated beneficiaries so that the way you intend to distribute your assets is clear. Consider speaking to a financial adviser and a solicitor who can help set up and maintain a solid estate plan. Having an up to date estate plan can help make sure everything’s taken care of when the time comes.