Estate Planning

No one wants to think about death. But it’s important to decide what will happen to your assets when you die. It’s important to leave instructions for your family about what your legal and medical preferences are should you pass away or become incapacitated.

Failing to have an appropriate estate plan could mean that your wishes are not known or acted upon, potentially resulting in emotional and financial distress for your loved ones.

Key Types of Estate Planning Options

Estate Plan: An estate plan includes your Will as well as any other directions on how you want your assets distributed after your death.

Will: A Will covers how you would like your assets distributed, who will look after your children if they are young, what trusts you want established etc. and even instructions about your funeral.

Enduring Power of Attorney: A document where you appoint a person/s to look after your financial and/or personal affairs in the event that you are unable to make decisions yourself.

Testamentary Trusts: A Testamentary Trust is a trust set out in a Will that only takes effect when the person who created the Will has died. Testamentary Trusts are set up to protect assets if your beneficiaries are minors, or have diminished mental capacity, or you do not want family assets split as part of a divorce settlement or potential bankruptcy proceeding.

Binding Death Benefit Nominations: In the event of your death, the trustee of your superannuation fund usually has discretion as to how your superannuation is to be distributed. Depending on your situation it may be necessary to implement a Binding Death Benefit Nomination so that you can be certain that your superannuation will be dealt within line with your wishes.

As part of your financial strategy, Fornaro Financial Group can facilitate your estate planning requirements to ensure you have a holistic financial strategy in place to protect you and your family.

Tips for getting your Estate Plan in order:

  • Decide
    how you want your assets distributed and your wishes executed
  • Engage
    with a professional to ensure your documents are executed correctly