Many people wrongly believe that creating a will and planning their estate is the same thing.
Sure, a will is a key component, but estate planning encompasses a lot more to ensure that your wealth is distributed according to your wishes, without being unnecessarily depleted by fees and taxes. An important first step is seeking expert financial advice. This is where our YBM Financial Planning team hit their stride!
Many Australians feel that they are not wealthy enough to have an estate plan. However, if you’re a homeowner with equity, have life insurance and even a moderate superannuation balance, then you are likely looking at hundreds of thousands of dollars worth of assets that need to be correctly distributed. In fact, it is estimated that the children of baby boomers will be passed down a staggering $3.5 trillion over the next 15 years. Considering that volume of wealth, does it make you want to be a little more proactive about your estate planning?
Our YBM Financial Services team are here to ensure you feel confident and well informed regarding your current financial position, how this will provide for you in the immediate future and how this will eventually be passed down to those you care about.
Asset protection is an often overlooked, but very important element to ensure that your hard-earned wealth isn’t picked apart and taken away by third-party claims and unforeseen events. Additionally, there can be intricacies regarding more complex assets that need consideration, such as your superannuation and business assets and how these are structured.
One of the final steps in the process is appointing a power of attorney. This is an individual that you choose to make financial and legal decisions on your behalf. And, of course, creating a will with a lawyer, setting out your wishes as to the distribution of your assets.
YBM Financial Services have a team of Planners who can walk you through many of these factors, and work with you and your lawyers to help secure your wealth for those who are due to inherit it.
We are sure that the last thing you want is for an already emotional and stressful time for your loved ones to become unnecessarily complicated and painful.
Contact us today at our Orange office on 02 6362 1533 or our Molong office on 02 6366 8049