"I see my role if needed as a financial mentor but one who can show warmth, practicality and empathy."
Estate planning, how your adviser can help
If you are starting over, either from divorce or death of a partner, it is essential to consider your own Estate Plan.
Ask yourself these questions:
• Have your assets changed-were you or will you be a beneficiary from an estate?
• Do you have life insurance and who receives the benefit?
• Have you received a superannuation split and who is now the beneficiary of your superannuation?
• Do you own other assets jointly with anyone?
• Do you have assets owned by a company or trust?
• Who will look after you if you can’t make decisions for yourself?
Your personal situation has now changed significantly and probably so have the beneficiaries of your assets.
What can you do?
Your adviser already knows your financial situation and can help you put in place a current and successful estate plan.
They will help you, in conjunction with an estate lawyer to work out the following:
• That your will is up to date.
• What assets are governed by a will and what are not?
• Is a testamentary trust appropriate?
• That you have adequate life insurance and current beneficiaries.
• The tax consequences of how your estate is distributed.
• Current death nominations for your superannuation-binding or not?
• Enduring powers of attorney or guardianship-are they appropriate?
It can be quite daunting when you are starting over. There is so much that may be new to you and in reality can be complex. If you don’t have a financial adviser, now is an opportune time to take stock of your current situation and plan for your future. For a no obligation appointment, please contact Katherine Hann, a Most Trusted Adviser as rated by her clients.