Have you thought about what will happen to your estate in the event of your death?

Do you have an up-to-date will?

What will the tax implications be for your family if they inherit your estate?

Do you have adequate life insurance?

These are questions few of us like to think about.

Yet unfortunately, we work with families whose loved ones have passed away with no Will in place. There is no direction as to their financial affairs, no beneficiaries in place. We witness the heartache and stress it can put on families, let alone the tax implications which can often be an added stress one can do without at an already difficult time.

By simply speaking about your wishes and putting an Estate Plan in place, you will help your family in the event of your death by having your financial affairs in order.

Australians falling behind in estate planning

An alarming number of Australians do not have a will.

It is estimated that 80% of Australians will die without a will in place. That’s 80% of Australians leaving their finances in limbo.

The Fusion Solutions team is now offering Estate Planning as a new service to assist clients in determining the distribution of their assets and management of affairs in the event of your death or if you become mentally incapacitated.

As your accountant, we understand your full financial background and taxation/business structure circumstances to assist in your planning.

  1. Writing of your Will

    Your Will is a legal document that dictates who will receive your assets when you die. Without a Will, your assets will be distributed as per the laws in your State or Territory.

    You have no say as to how you would like them distributed. Throughout the Wills process, we check the ownership of your assets to avoid any unwanted Capital Gains Tax.

    If you have a Company or a Trust, we will address how control will be passed to your beneficiaries.

  2. Superannuation

    Your super does not automatically pass on to the beneficiaries in your Will.

    Implementing a binding death benefit nomination will ensure your estate is paid out to your wishes.

    Part of this process will involve consideration of the tax implications of your superannuation benefit. Lump-sum payments from your super to your dependents are tax-free whereas payments to non-dependants are subject to tax. Examples of non-dependents can be close family friends or relatives that are not direct dependants such as cousins or nieces and nephews.

  3. Life Insurance

    Part of your Estate Planning will include examination of your life insurance policy and nominated beneficiaries.

  4.  Enduring Power of Attorney and Guardian

    In the event you are unable to manage your own affairs you can implement an Enduring Power of Attorney to legally act on your behalf in regards to your finances.

  5. Funeral Planning

    Setting aside funds for your funeral expenses will be discussed including funeral bonds if so desired.

    Funeral bonds are an investment product that is paid out upon your death to pay for your funeral expenses.

When discussing your Estate, our team will consider the most tax-effective distribution of assets to avoid costly Capital Gains Tax. There are multiple strategies that can be put into place to assist your dependants and beneficiaries not to be lumped with a giant tax bill upon your death.

As uncomfortable as these discussions may be, it is imperative that all Australians have an up-to-date will and Estate Plan in place. Call our team today to book your Estate Planning appointment.