Family Succession Planning – Keeping Things Simple

Family succession planning can be complex. None the less it’s important to take action and there are a range of matters that you will need to work through to not just achieve financial outcomes but also to establish the legacy you wish to leave for the next generation.

Let us summarise the important financial and family matters you should consider now, that will affect your family upon your passing.

First things first, let’s cut through the jargon and help you to articulate these key considerations:

* how to plan for debts to be covered in the event of your death or incapacity while leaving funds for your dependants

* understanding how nominating a beneficiary within your super fund or life insurance works – this can be just as important as having a valid Will

* how the benefits that your beneficiaries receive can vary according to how they are taxed and the implications for those beneficiaries if they receive an income stream or a lump sum

* how assets may be reallocated if a beneficiary were to die before you

Then, we recommend you check the following ‘Succession Planning To-Do List’ and consider these 15 important matters that will affect the future of your family, if you’re no longer available to take care of them:

1. Leave a Will

2. Provide for your dependants

3. Have clear intentions

4. Specify which debts are to be paid

5. Think about tax implications

6. Make sure you don’t leave an “Informal Will”

7. Nominate Guardians

8. Only bequeath assets that you own

9. Nominate beneficiaries with your Super fund, don’t assume your Super will bypass your estate

10. Do not use beneficiaries as witnesses

11. Avoid appointing a beneficiary as executor of your Will

12. Grant adequate power to executors

13. Communicate your intentions with your executors and beneficiaries

14. Make provisions for a residue

15. Keep your Will up-to-date

To find out more and to discuss how Dobbrick Financial Services can assist you to work through your family succession matters in a logical manner and coordinate with others including your accountant and solicitor, towards creating outcomes that are specific to your family circumstances contact us on 3233 6470.

The information provided is general in nature and does not take into account your particular investment objectives, financial situation or insurance needs; we therefore recommend you seek advice tailored to your individual circumstances before making any specific decisions.

Liberum Financial and its advisers are Authorised Representatives of Fortnum Private Wealth Pty Ltd ABN 54 139 889 535 AFSL 357306 Australia Credit Licence No 357306 trading as Fortnum Financial Advisers.