Estate planning and family wealth protection resolutions for 2024
As 2024 unfolds, prioritising estate planning and family wealth protection has never been more crucial.
Taking action on some key resolutions can offer relief from the stress around uncertainty. Here are our top resolutions to ensure the security of your family's future.
1. Create or Update Your Will
Your will forms the bedrock of your estate plan. If you don't have one, make it a priority to draft one this year. If already in place, review and update it to align with your current wishes and circumstances.
2. Establish EPOA
Designate someone to manage your affairs in case of incapacity using an Enduring Power of Attorney is a critical measure applicable to individuals of all ages.
3. Review Beneficiaries
Sense check the beneficiaries listed on your life insurance, superannuation and other financial products to reflect changes in relationships and preferences.
4. Consider using trusts to create and protect your wealth
Different trusts allow for the distribution of income and assets to heirs, avoiding the protracted and costly probate process. Testamentary Trusts offer significant tax benefits and allow for great asset protection for your spouse and children.
5. Organise Your Digital Assets
Consider digital assets such as social media account credentials, digital currency account details and online banking to include in your estate plan.
6. Plan for Your Business's Future
Develop a succession plan for your business, especially if you are the sole director or shareholder, ensuring smooth operation for the benefit of your family and employees.
7. Secure a Life Insurance Policy
Review your existing life insurance policy to ensure it adequately meets your family's financial needs.
8. Tackle Your Tax Understanding
Grasp the impact of estate taxes and implement strategies to minimise their effect on your assets.
9. Establish a Healthcare Directive
Ensure your medical wishes are honoured through a Healthcare Directive and Living Will, particularly if you're unable to communicate them yourself.
Embarking on these resolutions not only safeguards your family's wealth but also provides peace of mind, knowing you're prepared for whatever the future may hold. Estate planning isn't exclusive to the wealthy or elderly; it's for anyone wishing to protect loved ones and uphold their desires. Don't let another year pass without addressing these essential tasks. Yours and your family's future hinges on it.
Given the complexity of estate planning, consult with Collins Hume’s specialists sooner rather than later to ensure legally sound plans are aligned with your wishes. Contact us in Ballina or Byron Bay on 02 6686 3000.