A clear pathway to leaving your financial legacy
Family succession planning is one of the most important actions you can take to ensure your family’s financial future is protected, and the transition of your wealth to future generations runs smoothly.
Family succession planning can include:
- The creation and execution of your Will
- Properly managing your financial investments
- Consideration for insurance proceeds
- Appropriate beneficiary nominations for your superannuation
- Minimising tax for both your estate and your family
- Assigning power of attorney
- Establishing living trusts
- Creating advanced health directives
- Reducing the potential for challenges to your Will
- Securing the future education of children or grandchildren
- Understanding who will eventually gain control of trust assets
- Assessing the impact on your SMSF, family trust or company
Without a family succession plan, the beneficiary process can be long, drawn out and expensive. In some cases assets may go to unintended beneficiaries, causing unnecessary stress for your loved ones.
The first step is a brief consultation with one of our advisers, to discuss your legacy wishes.
Financial confidence when it matters most
We will work with you to understand your current circumstances, then provide expert advice to put your family succession plan in place. These may include making a Will, nominating, understanding tax consequences and appointing a Power of Attorney.
So you can be confident that your assets will be allocated to the right people, at the right time, in the most tax efficient way.
Writing a Will
If you do not have a will your assets will be distributed according to the inheritance laws of your state. Planning ahead, by expressing your wishes in a Will, can avoid unnecessary stress on your family and potential higher rates of tax payable.
Your Will may include:
- Who will receive your assets after you die
- Who will look after your children (if required)
- Your wishes regarding your funeral and burial
Power of Attorney
An enduring PoA means that person can legally act on your behalf up until you pass away, even if you become incapable of managing your own affairs. Seeking independent legal advice, so you can be confident that the right people will act on your behalf, can be a smart move.
Allocating assets to your family does not have to happen after you pass away, you may want to allocate some funds now to help them towards life’s big expenses and we can support you with expert financial advice, along the way.
Our three steps to estate planning
We speak the legal language that is required to make transitioning control and ownership of your wealth and legacy easier:
Step 1: Together, we will take a holistic view of your situation, including assets, liabilities, super, insurance and tax.
Step 2: Draw up a considered family succession plan that aligns with your legacy wishes and takes into account any complex family dynamics, or special individual needs.
Step 3: Hand over a comprehensive and clear report to your lawyer, enabling them to draft relevant documentation more efficiently and cost effectively.
Melina’s story about getting her finances in order
I feel comforted, I can get on with my life without worrying that things are not going to be looked after.
Protect your legacy now and long into the future
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Professional Wealth Services Pty Ltd
ABN: 58 174 609 776
PWS is 100% owned and operated by its advisers, staff and management.
Australian Financial Services Licence No. 312047
Suite 3, Level 25,
100 Miller Street
North Sydney NSW 2060
PO Box 1815
North Sydney NSW 2059