Four reasons to review your estate plan

Estate planning is a complex topic and whilst we are not qualified legal practitioners, we often discuss this area with our clients and strongly recommend you meet with a specialist estate planning solicitor.

After all, our focus for your lifetime has been on building your wealth position, so we certainly want to make sure that wealth is distributed according to your wishes.

Like every plan, an estate plan will need a review from time to time. So here are 4 triggers for a review:

1. Death – where a partner has died families are very grateful that the deceased affairs are in order to facilitate a smooth transition of assets during this very emotional time. The death of one however usually requires a review of the surviving spouse and their estate plan objectives. If only one parent remains they may now want to turn considerations in providing for their children, minimising tax on superannuation death benefits and succession planning.

2. Divorce – your Will is automatically revoked when you divorce. Therefore planning has to be undertaken as soon as you separate. Changes include preparing a new Will and updating beneficiary nominations within superannuation. Also give consideration to personal insurance – life insurance to ensure your children are provided for and income protection and illness insurance to ensure you can manage financially if you are unable to work.

3. Adult children – when your kids are young and in school your estate plan often involves planning to ensure you have enough assets to provide for their ongoing education and upbringing costs in a tax and asset protective manner. When they become adults strategies might need to include their new family relationships, the independence they require and how your estate plan can be modified to cater for any changes in their scenarios.

4. Superannuation – your super benefits do not have to be included in your estate assets but consideration needs to be given on whether they should. Some reasons could include providing for people that are not your spouse or children. Also if you have considerable wealth in super and have assets above the new $1.6m transfer balance cap some planning for your beneficiary nominations may need a review to ensure your overall objectives can be met.

Amplify Wealth collaborates with estate planning lawyers and we would be happy to connect you to those that can provide you with quality professional estate planning advice.

Ready to get a plan? Get in touch here for a chat.

This information contained in this document has been provided as general advice only. The contents of this document have been prepared without taking account of your personal objectives, financial situation or needs. You should, before making any decision regarding any information, strategies or products mentioned in this document, consult with your GPS Wealth Ltd financial adviser to consider whether it is appropriate having regard to your own objectives, financial situation and needs.