Transfer wealth after you die
Estate planning is an important part of financial planning at any stage of life, but particularly when you have children or other dependants to consider. It’s more than ensuring you have a Will, although that’s a good start. Family dynamics mean that you should ensure your Will is updated and reflects your wishes.
A good estate plan will guarantee that ownership and control of your assets is correctly passed to the intended beneficiaries. It also ensures that they are passed in a way which results in the least amount of tax being imposed and protects the assets should a beneficiary be involved in any legal difficulties (e.g. bankruptcy or divorce).
There are a number of strategies including using testamentary trusts (a discretionary trust), superannuation and creating a Will to protect your assets and reduce the payable tax on the income earned from those assets after you pass.