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estate planning

No matter how old they get you never stop worrying about your kids. When you think of estate planning, you usually think of your own or that of a partner. But what would happen if you outlived your grown-up children? What would happen to any grandchildren? While it’s unexpected, it does happen and if it does, it’s important there is a will and other plans in place to make their wishes clear and avoid any additional distress for those left behind. 

Estate planning is not just about a will, it includes a range of other considerations, such as insurance and superannuation arrangements, as well as guardians and trustees for families with younger children. It also includes powers of attorney to make sure the right people are appointed to make financial decisions if they lose the ability to do so themselves. 

At a stage of their lives where they may be focused on accumulating and maintaining wealth, dealing with mortality might not be on top of the agenda, however estate planning should be seen as a positive matter. Taking control and putting plans in place can have great benefits for your family and loved ones. 

Testamentary trusts are a good example of something that can be put in place to be prepared. These trusts are structures established by the terms of a will that can help protect inheritances particularly when dealing with young or vulnerable family members. Someone can be appointed to manage inheritances until your grandchildren are old enough to manage their own financial affairs. These trusts can also give families great tax planning opportunities. Testamentary trusts are not overly complicated and are regularly included in the wills of ordinary Australian families.  

If you’ve gone through it yourself, you’ll know that estate planning can be quite a complicated and often emotional process. To help your family to get the best outcome, be prepared to bring up the topic and understand their wishes. You’ll all ultimately feel more comfortable having put in place a plan for these confronting and difficult issues. The best legacy anyone can leave is a clear plan that ensures those closest to them are financially secure and avoid distress by having the family’s wealth protected.  

ipac advisers can work with your solicitor to help you meet your and your family’s estate planning objectives. So, call your adviser today, or contact us to talk about securing your family’s wealth.

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