Estate Planning is essential to protect your bequests

Receiving expert advice on estate planning strategies will provide you with the comfort and peace of mind that should an unfortunate event occur, the right people will gain access to your legacy, in a manner that you deem appropriate, and as tax-efficiently as possible.

Estate Planning ensures your financial assets will meet your family’s (or significant others) needs at a time and manner you deem appropriate, and as tax-efficiently as possible.

estate planning explained

Once it was a foregone conclusion that when a person made a legal will, its terms would be honoured after their death and any wealth they had accumulated in life would be passed to those they had chosen. Increasingly, these conventions are being challenged as societal changes see new family models emerging, and as a result, it is much more common for wills to be contested by those who believe they have a legitimate claim.

Now, more than ever before, it is essential that people make legally binding arrangements for the distribution of their wealth and assets before they are in position where their decisions could be open to challenge. This is not a process that anyone can afford to ignore, or put off to some time in future. None of us know what is ahead of us, tomorrow, the next day or even the next hour. How would you feel knowing that a person you dearly loved or an organisation you believed in did not receive what you would have bequeathed, had you acted now?

Advice on Estate Planning Strategies

Nexus Private offer advice on estate planning strategies to provide you with the comfort and peace of mind that the right people will gain access to your legacy, in a manner that you deem appropriate, should an unfortunate event occur. We believe that the wealth you work a lifetime to create should be protected. This makes estate planning one of the most important of your financial obligations.

Remove Anxiety About Transferring your Assets to the Next Generation

Here at Nexus Private we give our clients the opportunity to work with an adviser to consider all of the issues surrounding your estate plan. This includes finding effective ways to reach the goals you set for the distribution of your wealth. We know from past experience that people do worry about transferring assets and wealth safely to the next generation. However we also know that often, they leave it too late to take action and key decisions are left in the hands of others.

Our advisers are experienced in discussing these sometimes difficult issues with clients. Typical of the topics for discussion will be measures to protect beneficiaries who are children or who have special needs, putting measures in place to prevent ex-partners from becoming beneficiaries, or structuring their affairs so that their loved ones take priority over creditors, banks, and the ATO.

Through our collaborative arrangements with such professionals as solicitors, accountants and other service providers we can offer our clients the convenience of bringing all the elements together on their behalf to create an effective estate plan. As a result of this process, you may find that some action is needed whilst you are still alive, rather than waiting for your will to take effect. This highlights the importance of starting now and working on your estate plan with an experienced professional adviser.

What will happen to your superannuation?

Did you know that your superannuation is not covered by a Will, and will go to the beneficiary you nominated when you first entered the fund or funds? If your nomination was made correctly and you are still happy with your nomination, you may not be aware that this nomination usually lapses every three years. Has it been a while since you’ve addressed your estate planning requirements? How many other aspects of your financial life need re-addressing? Nexus Private can help you identify similar issues and work with you on a strategy that moves you towards your end goal of ensuring that your wealth is distributed as you wish.

It is disturbing to see a situation where a person has been prudent with their financial affairs all of their working life, accumulated assets and even kept sound financial plans current and active, only to have neglected their final obligation in the belief that a Will is sufficient. None of us like to think about our own mortality, but death is the one thing that will eventually happen to all of us. If you have not given estate planning much thought before, now is the time to contact Nexus Private to arrange a consultation.

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This information is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. We strongly suggest that you seek professional financial advice before acting.