Wealth Management Personal succession planning

Wealth Management Personal succession planning for families with young children

You would have heard the saying: “where there’s a will, there’s a way”.

This statement is usually used to encourage people who are losing enthusiasm for a task or goal.

But it also reflects the way many people feel about wealth management personal succession planning. They think that so long as you have a Will, your wealth will be passed correctly to your family and your loved ones will be taken care of.

Craig at HQB Financial Solutions can help identify the issues for implementation by a legal professional. Contact Craig here or call (02) 66993649

Wealth Management and Personal Succession planning is much more than just having a Will, especially for families with young children. Without an appropriate succession plan, you may not have certainty that the right assets will go to the right people at the right time in the most tax effective way.

And most importantly, you may not have certainty that your loved ones will be taken care of when you are not around.

Do I need a personal  succession plan if I have young children?

Personal succession planning is something all parents with young children should consider and address. By doing so you’ll ensure your loved ones have access to appropriate financial assistance, educational opportunities, and anything else they might need to ensure their quality of life continues when you’re no longer around.

At a minimum, every parent with a young family should have:

  • a current Will to distribute estate assets
  • guardianship arrangements for young children and teenagers
  • an Enduring Power of Attorney to cover situations where they’re unable to make financial decisions themselves, and
  • appropriate estate planning arrangements to distribute specific assets that are not covered by the Will (such as superannuation benefits, life insurance proceeds, assets held in family trust/s).

What are the benefits of personal succession planning when you have a young family?

Personal succession planning can:

  • provide certainty by getting the right assets in the hands of the right people, at the right time
  • enable you to provide for your loved ones while minimising tax payable by your nominated beneficiaries
  • provide certainty that your children are taken care of.

See full article below.

personal succession planning

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