See what’s involved in estate planning and why you might want House of Wealth to help you...

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Protecting Your Loved Ones’ Inheritance from Lawyers and the ATO

Failure to plan how you pass on your assets usually means wasting far more on taxes and legal fees than necessary. Ultimately, that means a lot less for loved ones and any other intended beneficiaries than you’d want.

A key part of our estate planning service then, is to structure your affairs so as to minimise expenses and tax when your wealth finally gets passed on.

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Estate Planning is Not Just for The Wealthy

A common misconception about Estate Planning is that it’s something you only need to consider if you’re a multi-millionaire.

In fact, it’s all the more important if you’re a middle-income earner, or your accrued wealth is quite modest, for whatever reason.

Say you plan to leave a modest 3-bedroom home to your two kids. Would you rather they receive the full market value, or have to give up thousands of dollars in tax?

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Avoiding Disputes Among Beneficiaries

Disputes over deceased estates are surprisingly common.

Close families who’d never have imagined the possibility of falling out over who gets what, frequently do exactly that. While many such disputes may not result in legal proceedings, they can sour relationships for life. And when they do result in litigation, it’s ultimately a win for the lawyers.

As such, an important part of our service is to keep you up to date on any circumstances that may affect how your estate will be disbursed or give rise to unintended claims.

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Estate Planning Is Not a “Set and Forget” Process

It’s really important to understand that circumstances and laws impacting entitlement to your estate frequently change.

For example, Australia’s complex tax laws are continually changing. Another good example would be the recent change to the Marriage Act. This effectively requires all same-sex partners to review any legal and financial arrangements made prior to the law coming into force, to ensure the changes have not created unintended beneficiaries.

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