It’s important to know that a Will only covers personal assets. Without an appropriate Estate Plan, the fate of any wealth that falls outside those parameters could become the subject of legal action. For rural families, estate planning is often complex as farming businesses are passed from one generation to the next.
An Estate plan is designed to identify and execute an appropriate way to hold superannuation and other assets including those held within companies, trusts or business entities, for the benefit of your nominated beneficiaries. Failure to hold those assets in an appropriate structure, could impact your beneficiaries in a number of ways including the potential for them to be burdened by taxation implications that may impact upon their future financial wellbeing.
As a financial adviser who has worked with farming families for more than 30 years, I am accustomed to opening up delicate discussions with family members should you wish to educate your dependents about your financial position. Such discussion can help to circumvent confusion or conflict after your passing.
As well as nominating people you intend as beneficiaries, you may also wish to articulate those you do not want to benefit from your passing. Mindful that the nuclear family is no longer the traditional family model, you may wish to examine your extended family tree (that could include former spouses, stepchildren or ex-partners of your offspring) to articulate the distribution of your estate’s wealth and assets.
I’m also well placed to collaborate with your solicitor, accountant and other aligned professionals, with the aim of creating an Estate plan that reflects your wishes and your overall financial objectives.
In the event of your passing, you can also expect that I will work compassionately with your executor and beneficiaries for disbursement of financial entitlements as outlined in your Estate plan.
For more details or to arrange an appointment to discuss your estate and family succession needs, please give me a call on 0438 946 638 or email phillip@financialservicessa.com.au
Phillip Dibben is a financial adviser at Active Financial Management. Active Financial Management and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306 trading as Fortnum Financial Advisers.
This information (including taxation) does not consider your personal circumstances and is of a general nature only. You should not act on the information provided without first obtaining advice specific to your circumstances.