#278 What is an estate plan?

25 March 2021

Do you need an estate plan if you have a will? It’s a good idea to have one and here’s why.

A well-designed estate plan clarifies how you want to be looked after if you become incapacitated and cannot speak for yourself.
Your estate plan also formalises what you want to happen to your assets during your lifetime and after your death. It can include provisions about your healthcare and finances if you suffer from a medical condition, or are of an advanced age and are unable to make independent decisions. It’s a way to make your wishes known in writing.

An effective estate plan can also ensure you pay the least possible tax on your assets so that your beneficiaries receive more and the government receives less. 

Your estate plan may include:

It’s also important to update your estate plan whenever your life circumstances change. This includes the following:

Please get in touch with us to discuss how a well-designed estate plan can help you formalise your wishes. 

Loretta Hill BBus, DipFP, CFP® 
Bongiorno Group

For further information or to book an exclusive AMA Victoria member complimentary meeting, please phone (03) 9863 3111 or email amav@bongiorno.com.au 

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