An important part of the financial planning process is to ensure that the assets accumulated during your lifetime are distributed in accordance with their wishes upon their death.
A common misconception is that the assets of an estate will automatically pass to a spouse or family on death. However the following assets, which can be of substantial monetary value, may not necessarily form part of a person’s estate:
- The family home (if owned as joint tenants, it automatically passes to the remaining joint tenant);
- An individual’s superannuation entitlement (e.g. a person’s death benefit); and
- The proceeds of life insurance policies (depending on ownership).
Without an appropriate record of how you intend to distribute your assets, there is the risk that intended beneficiaries, may receive little, or none, of your estate. Estate planning is a complex area and appropriate professional advice should therefore be obtained before making any decisions in this area.
Documents to consider with your solicitor:
- Power of Attorney
- Enduring Power of Attorney
For more information on about these documents go to the Justice Department QLD.
To discuss your Estate Planning requirements please contact us directly on (07) 3170 3707 or click here to email us.
146 Bloomfield Street, Cleveland
PO Box 1319, Cleveland QLD 4163 4163
Phone: 07 3170 3707
ABN: 16 074 508 071
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Coopers N’Cents Financial Services ABN 16 074 508 071 trading as
HFB Wilsons Pty Ltd – ABN 63 616 059 324 as a Corporate Authorised Representative
No 253397 of Clearview Financial Advice Pty Ltd
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