Estate planning takes an overview of your assets and how they’re structured, and considers how you’d like them to be distributed after you pass away. Here are some aspects to consider:

REVIEWING YOUR WILL

A will sets out how you want your estate to be managed and distributed after your death, and it can include the appointment of a guardian for your children. Without a will, management of your estate can be costly, time-consuming and distributed according to state-based legislation so it’s important to regularly review a valid will to make sure it aligns with your intentions.

POWER OF ATTORNEY

If you were to become incapable of handling your affairs, control of your assets could revert to a person appointed by a court. An enduring power of attorney is important so that someone you have chosen can make the important decisions affecting you.

AN EXECUTOR

An executor distributes your assets after your death. It can be a difficult job if your will involves setting up trusts and lodging tax returns. You should ensure your preferred executor is willing and that you have nominated an alternative in case they pass away before you do, or change their mind.

GUARDIANSHIP

A guardian can make decisions regarding where you live and your medical care if you lose the capacity to make your own decisions. It’s important to choose someone you trust.

PROTECTING YOUR FAMILY

A family trust, also known as a discretionary trust, is a common structure used by small businesses to share the business’ income in the most tax-effective way among beneficiaries within the family group and to protect family assets.

To find out more Estate Planning phone Premium Business Group on 03 6165 2666, Financial Advisers in Hobart .