Good to Great: How to Scale With an Outsourced CFO

Effective estate planning is about much more than having a will. It essentially structures your estate so you can distribute your assets as you wish, and it also protects your family’s interests while minimising taxes. 

That may sound like a tall order, but it’s achievable with the right estate planning strategies. It requires a thoughtful estate plan and follow-through to make it happen.

As you look at your options, you’ll find a variety of estate planning strategies. Remember that one size does not fit all when it comes to estate planning. It’s likely that your estate plan will be significantly different from your brother’s or your co-worker’s. After all, your life is different. That’s why it’s important to create an estate plan that is uniquely customised to you.

Take a look at the following estate planning checklist to get you started in creating your own effective estate plan.

 

Estate Planning Checklist

Estate Planning Strategy #1: Update Your Beneficiaries

You can save your family an enormous amount of time and trouble in the future by ensuring your accounts have the correct beneficiary information. It’s easy to overlook beneficiary information on your accounts, especially if it’s been a long time since you opened them.

Take the time to make a few phone calls and double check your beneficiary information. Don’t forget to check with your superannuation account, your bank accounts, your life insurance, and any other investment accounts. Changing beneficiaries is usually a quick and simple process, and you’ll feel good knowing your beneficiaries are taken care of.

 

Estate Planning Strategy #2: Review Your Insurance

Many people forget that adequate insurance is an important component of estate planning. Without adequate insurance, your family may find themselves in a vulnerable situation if something unexpected happens to you.

Review your insurance to ensure it still suits your situation. You could be over or under-insured, depending on the changes that have occurred in your life since you began your policies. Work with your Altus Adviser to find the best level of insurance for your estate plan.

 

Estate Planning Strategy #3: Address Your Will

If you don’t already have a will, it’s a good idea to get started with creating one today. You never know what life has in store, and you don’t want to be caught unprepared. 

If you already have a will, review it carefully. Do you need to make any changes? Depending on family changes, such as births, deaths, and maturity of children into adulthood, you may need to amend your will, add or subtract executors, or make designations for new assets.

 

Estate Planning Strategy #4: Evaluate Estate Tax

You can reduce taxes on your estate simply by the way you structure it. Attention to tax implications can make a big difference in the amount of assets you can leave to your beneficiaries. Thoroughly reviewing your estate plan with your Altus Adviser can help you to see where you can make changes in order to reduce your tax burden, both now and in the future. 

Your adviser can review your estate plan with an eye to taxes and estate law. This insight will help you to make the necessary adjustments to create an effective estate plan for you and your family. For more information about creating an effective estate plan, reach out to us at Altus Financial.