If you haven’t considered this in a while or never have before, it is important to focus on estate planning and family wealth protection. This is about your future.  

Addressing these simple steps now can bring peace of mind and eliminate uncertainties.  

Here are the top ten steps to secure your family's future.  

Guide to estate planning and family wealth protection  

Note these down and get ready to check them off your list.  

1. Create or Update Your Will 

Your will is the foundation of your estate plan. If you don't have one, make it a priority to create a will this year. If you already have one, review it to ensure it aligns with your current wishes and circumstances, including life changes like marriage, divorce, or the birth of a child. Incorporate a testamentary trust to safeguard your family's wealth. 

2. Establish an Enduring Power of Attorney  

Designate someone to manage your affairs if you become incapacitated. This is essential for everyone, regardless of age, as unexpected incapacitation can occur. This person will be legally listed as your power of attorney.  

3. Review Your Beneficiaries 

Ensure that your life insurance, superannuation, and other financial products have the correct beneficiaries. Relationships and preferences can change over time, so keep these up-to-date. 

There can be severe taxation consequences if you don’t take advice specific to your circumstances. 

4. Create a Living Family Wealth Protection Trust 

A living trust can help your family avoid the probate process, saving time and money. It also provides greater control over asset distribution to your heirs. 

5. Organise Your Digital Assets 

Include digital assets like social media accounts, digital crypto  currencies, and online banking accounts in your estate plan. Work with an advisor to integrate these into your will or as an additional schedule. 

6. Plan for Your Business's Future 

If you own a business, ensure you have a succession plan. This is critical for the continued operation of your business and the financial security of your family and employees, especially if you are the sole director or shareholder. 

7. Secure a Life Insurance Policy 

Life insurance offers financial protection for your family in the event of your untimely death. Review your policy regularly to ensure it meets your family's needs. 

8. Understand Your Tax Implications 

Estate taxes can significantly reduce your assets. Learn how these taxes work and implement strategies to minimise their impact. 

9. Establish a Healthcare Directive 

A healthcare directive ensures your medical wishes are respected if you cannot communicate them yourself. A living will is also advisable. 

10. Speak with a Professional 

Estate planning can be intricate and very complex. If not done properly, this can cost $100s of thousands in legals (plus years in court). Consult with a professional to ensure your plans are sound and accurately reflect your wishes. 

Final thoughts  

By addressing these steps, you can ensure your family's future is well-protected, and your estate is managed according to your wishes. 

If you have any questions about your own wealth protection, check out our website fpssadvisory.com.au or email us at: [email protected] 

Disclaimer 

This is general advice. 

You will need to take specialist advice that takes account of your own personal circumstances.