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It is never too soon to begin the Estate Planning process. It is much more than simply making a Will. Estate Planning is all about ensuring your assets are distributed to your chosen beneficiaries, distributed according to your wishes in the most financially efficient and tax effective way. Inadequate Estate Planning comes at a cost. The worst case might see the “wrong” people inheriting your estate. Or the cost might be expensive legal or trustee company fees or perhaps heartache for your family and friends. Surprisingly, 60% of Australians do not have a Will. For those who don’t, the law determines who inherits their belongings. Their spouse and children may not automatically be the main beneficiaries. That is why it is so important to regularly review an Estate Plan, particularly if personal circumstances change. If you re-marry, become divorced, commence living in a de-facto relationship, have a blended family (consisting your own children and step children), or have new members in the family..... you should review your Estate Plan. A well constructed Estate Plan can help to avoid unexpected taxes and protect assets from claims and challenges. Our advice is to consider choosing someone to be your Power of Attorney, name someone in your Will to become your children’s legal guardian, list your beneficiaries in your insurance policies and nominate binding beneficiaries in your super fund. Make your Estate Plan easy to administer for your executors. Talk to us to arrange for an Estate Planning Information Kit to identify and organise your estate planning needs. To contactus on(08) 8333 2488 oremail any queries or comments to us.
It is sad to say, but most of us have had a loved one, close friend or work colleague die of cancer. Cancer is not confined to the elderly, many Cancer victims are young, in the prime of their life with families and careers. Like many others, I am shocked and saddened to see so many people, particularly young people taken by Cancer, with little or no warning. Cancer is the leading cause of death in Australia. According to the 2006 figures reported by the Cancer Institute of NSW, 1 in 2 men and 1 in 3 women will be diagnosed with cancer in their lifetime. More people are being diagnosed with Cancer, up by 10% in males and 7% in females between 1997 and 2006. More than 40% of cancer patients do not survive more than five years after diagnosis. However, the good news is that due to medical breakthroughs the survival rate has increased by 30% in the past 20 years. Breast cancer remains the leading cancer for females from age 30 to 64 yrs followed by melanoma of the skin and bowel cancer. Even high profile women like Kylie Minogue have not escaped breast cancer. For the men, melanoma of the skin (predominately aged 30– 49 yrs) and prostate cancer (aged 50 and over) are the main concerns. It is estimated that 43,000 people will die from cancer in 2010 while many others will recover but struggle to resume a normal life. Financially, the diagnosis of cancer can be devastating, irrespective of whether the victim makes a full recovery. Wakefield Partners financial planners urge clients, particularly those with young families, to consider taking out adequate Crisis or Trauma insurance cover. This can provide a much needed cash lump sum should a critical illness strike. Trauma insurance can make a significant contribution towards the financial survival of families and businesses in a real time of need. Talk to us on 08 8333 2488 oremail any queries or comments.