Structure your estate effectively

Planning your estate is more important than ever now that we live longer and family and business structures are more dynamic.

Estate planning allows future generations to succeed and live comfortably just as you have done. But it isn’t just about writing up a will. Estate planning includes a whole host of considerations, from examining your finances to keeping your money responsibly invested, well-structured and properly protected.

What should you consider?

Your estate considerations and options will differ according to different life stages. It’s worthwhile speaking with an adviser to find out just what you should be considering at this stage of your life.

If you’ve thought about estate planning or taking steps to plan your estate, you’ve probably considered or even written up your will. This could outline the future distribution and management of your assets and finances. But have you made it valid? And how regularly do you review and update it?

Things to do

Some of the things you may want to implement in a comprehensive estate plan, aside from a detailed will, are:

• A chosen, trusted power of attorney who can make decisions on your behalf
• An executor to distribute your assets when you’re gone (this can be a solicitor or trustee)
• A summary of your finances
• An investment plan

Trust structures to ensure your estate is distributed in accordance to your wishes and goes to the right people at the right time.

Don’t forget

Have you taken into account any life insurance or death benefit, either through a superannuation or retail policy? The remaining balance in your account is typically paid to your nominated beneficiaries.

You may want to inform your beneficiaries of your plans and keep them in touch with your personal circumstances. That way you’re ensuring your assets go where they should after your death.

How SCM can help

At Scholten Collins McKissock, we focus on making sure your chosen assets are passed to the right beneficiaries at the right time. This means you can be confident everyone will be taken care of once you’re gone.

We offer, among other things:

• A complimentary review of your existing estate plan
• In-depth and cohesive development of your estate plan
• Advice on what structures may best suit your estate
• Regular reviews of your plan to ensure it’s up-to-date
• Assistance with administering your estate
• Collective or individual family meetings.

Reach your goals

To ensure you have an effective estate plan, arrange an appointment with one of our expert advisers and we’ll help develop a financial strategy to help you reach your goals, taking into account your estate plan as well.