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DO I NEED IT?    

When people die, there are always consequences. If you or someone in your family died, what would they be? Are they what you would want?

Ted thought he had it covered….

Estate Planning is as much about preserving relationships as it is about the money.

 Jason's failure to 'get around to it' split his family.  

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  3 KEY COMPONENTS:
 

1. Sufficient Assets    

Will there be enough funds or assets to meet the needs of those you leave behind?

You can't eat your home..

There is little point in having a well drafted will, for example, if there would not be sufficient assets to do the job

The kids lost their mother, their friends and their bedrooms

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2. Your assets (or control of them) must go WHERE you want    

Consider:
-Will family assets stay in the family?

Jill never liked her son-in-law - and yet he effectively received $400,000 from her estate assets?? I'm not prepared to risk all of our assets going to your new spouse - and not at least in part to our children!!!

What about asset protection?
-An area of real concern to company directors, business owners & professionals

 His asset protection strategy fell apart

What about your family trust?

 Patrick's ex got his trust assets.

What about your super?

A total stranger could decide!!!

Do you have a self managed super fund?
- Who will be in charge if you die?

John's children turned on their step father!

You can save tax if you plan ahead

 Capital Gains Tax - a little thought can save a lot of money.

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3. Timing can be critical    

At what age should children receive their inheritance

 A poorly timed inheritance can cause long term harm.

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If you (or a business partner) were forced to leave the business due to illness or death - What would happen to your interest in the business?

Without adequate succession planning - many businesses fail.

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If we lose the ability to look after our own financial affairs, someone will inevitably be required to step in to take over control. We have the choice of appointing someone ourselves before the event or alternatively we can leave it to the Court or Tribunal to decide. Be careful who you appoint as your attorney

 The wrong child gained control

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