Good to Great: How to Scale With an Outsourced CFO

It’s never too early to start estate planning, but unfortunately, it can be too late. No matter how stable life seems today, circumstances can change in the blink of an eye. If your estate is in order, you’ll be able to care for your loved ones even in the face of major life changes, including your death. That’s why starting your estate planning today is so important. 

There’s no need to be intimidated by estate planning. It’s simply the process of planning and recording your wishes for the distribution of your assets upon your death. Your assets include your superannuation account, life insurance, real estate, stocks, and business assets. Once you get started with your estate planning, you’ll see that it’s less stressful and complicated than you thought. In fact, we’ve put together 3 ways you can start estate planning today.

 

1. Update Your Beneficiary Information

It only takes a few phone calls to double check your beneficiary information on your superannuation account, life insurance, bank accounts, and other investments, but it can save your beneficiaries an enormous amount of trouble down the line. 

If you have been at the same job for a long time, or if you have had the same life insurance for many years, you may have forgotten who you had initially listed as your beneficiaries when you opened your account. In the meantime, life has gone on. Perhaps children have been born to you, or perhaps you’ve been married or divorced.

If you need to change your beneficiaries, you’ll probably have to fill out a form or two. Do this quickly, and get your accounts updated.

 

2. Update Your Insurance

Does your current life insurance provide your beneficiaries with enough income to live on if you die before retirement? Again, life has a way of changing your circumstances. If you have a  disabled child, you’ll need more insurance than you would otherwise. If you have assets that can be sold (such as rental properties), you may not need a large amount of insurance. Your own personal situation will dictate how much you need. 

Also, consider disability and income protection insurance if it will give you peace of mind and help your family to overcome difficult situations. Your Wealth Management adviser can help you to determine which kinds of insurance will best suit your estate.

 

3. Make Plans for Your Will

If you don’t currently have a will, make a plan today to create one. You probably won’t be able to finish a will in just one day, but you can make an appointment with your attorney or Wealth Management adviser to get started. 

If you already have a will, pull it out and read it. Are there items you’d like to amend? Do you need to add or subtract any beneficiaries? Is your executor still willing and able to perform the necessary duties? Getting your will in order may be the most important step in securing your estate plan.

For more information about estate planning, give us a call at Altus Financial today.