After you’ve worked hard to give your kids the best start in life, what better reward could there be than seeing them have children of their own? As a proud grandparent, you’ll want to make sure the little ones, as well as your own children, are looked after financially when you’re gone — and that’s why estate planning is so important.
With the right financial strategy, you’ll be able to pass your wealth down to future generations. The first step is to create a Will, which specifies how you want your assets to be divided and distributed after you pass away. Having a proper Will can also help avoid disputes between your beneficiaries when the time comes.
Remember, your estate includes most things that you own — so it’s worth taking stock of all your valuable assets, and updating your Will regularly to reflect any changes in your financial or family circumstances. You might also choose to grant Enduring Power of Attorney to a trusted family member, so they can manage your affairs if you become mentally incapacitated.
But there are a few things that aren’t automatically considered part of your estate, such as your super and life insurance. You should consider whether make to make a binding nomination to a beneficiary or beneficiaries including to your estate if you would like those assets to be distributed in accordance with your Will. Some assets you own jointly with someone else may automatically pass to that person upon your death.
Disclaimer: This article has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.
Information in this article is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document.
This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.