Family succession planning can be a topic not many people enjoy talking about or is not often bought up in a conversation. It’s important to think about what would happen to your loved ones and well-earned assets if something was to happen to you.
As most of your life is spent working to accumulate assets and wealth, it makes sense to spend some time to assess your estate planning. Things can get a little emotional when discussing your estate plan as you are combining money, relationships and a variety of family dynamics all within one conversations.
A good place to start is with your Will, without this your family can face many difficulties and legal complications. It’s important to check it is valid so that the courts or government do not end up deciding how your wealth is divided.
The two main assets not covered in your Will is your superannuation and life insurance. You will need to nominate beneficiaries to handle these two assets and ensure you review with your loved ones you have the most suitable insurance cover.
To ensure you’re able to effectively manage your family’s finances and inheritance it’s important to seek advice from a professional. As your estate planning is not something you deal with every day it make sense to not do it alone and ensure every aspect is covered.
Talk to a Capita professional today to see how you can ensure your family’s wealth is able to grow over the future generations.