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Estate Planning – It’s a Team Effort

By April 30, 2021May 17th, 2021No Comments

The conversations we all need to have

When we talk about financial planning, we focus a lot of our time planning for our future – strategies that focus on making wealth. We may even look at insurance to provide some funds for our family should something happen to us. 

But have we planned for a future without us in it?  It’s the inevitable that no one wants to talk about. Sooner or later we are all going to leave this world.

Your Estate Plan

An Estate Plan, the transfer of your wealth, is as important as your plans for accumulation of your wealth. It is increasingly important if dependent children, significant debt, businesses or blended families are involved. 

We have written about the importance of having a proper plan in place for your estate in past articles.  Having a proper estate plan may have many elements such as:

  • A legal will
  • Nominations for superannuation and/or life insurance beneficiaries
  • Possible trust structures
  • Enduring Powers of Attorney/Guardianship

As there are multiple parts to an Estate Plan, there too are multiple parties in the construction of it. Each party plays a vital role in ensuring the Estate Plan is successful in fulfilling its purpose. 

Financial Advisers

Your financial adviser is the best placed person to assist you with your Estate Plan, as they understand your finances, your financial goals and that of your family. They can liaise with your other professional advisers to ensure your Estate Plan meets your needs and that of your family. 


Depending on your assets, the movement of wealth to your beneficiaries can have taxation implications.  Your superannuation for example will be treated differently for tax depending on who your beneficiary may be. This may also hold true for your life insurance policy.  By engaging your accountant in the planning process, you can assess the final value of your assets in the hands of your beneficiaries.  

For small businesses, your accountant can also assist in the formulation of a business continuity plan in the event of your death. 


The basis of your Estate Plan is your will – a legal document that should only be drafted by  a professional. A solicitor’s services should also be sought when establishing an Enduring Powers of Attorney/Guardianship

Should your Estate Plan also need other structures such as a Testamentary Trust, they can facilitate in the establishment.

Your Beneficiaries

An often overlooked party in the establishment of an Estate Plan, the early engagement of your beneficiaries, is crucial for the successful implementation of your plan. 

We all draft our wills with the best intentions. Unfortunately, we will not be around to explain these to anyone. This is why it is important to have these discussions with your beneficiaries when drafting your estate plan.  By confirming their buy-in you could save a lot of headache and possible financial loss should there be a disagreement after you have gone. 

Because we don’t know when our time will come, the best time to act on your estate plan is now – so everything is in place for when the inevitable comes. Take your first steps and book a no-obligation Discovery Meeting with us. Give yourself peace of mind that your financial goals for your family will be met, even when you are no longer here to make sure of it. 

Discovery Wealth Advisers – Your Financial Planner in Baulkham Hills. 

The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. Louella Jorge is an Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429. This editorial does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information, you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser before you act

Discovery Wealth Advisers

Author Discovery Wealth Advisers

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