A will is undoubtedly an important part of the estate planning you’ll want executed after you pass away, it’s by no means the only one you should be considering says Len Elias of TLK Partners.
Although a will is undoubtedly an important part of the estate planning to be executed after you pass away, it’s by no means the only item to consider says Len Elias of TLK Partners.
The legacy clients want to leave behind forms part of their financial planning. Thus, clients journey begins with wealth management. “TLK talks to its clients about their short, medium, and long-term goals,” says Elias, “and the provisions our clients want to make for loved ones after their death forms part of that.”
Risk reduction is part of both a wealth management strategy and an estate planning, says Elias. A good investment manager with structure investments to reduce risk.
Retirement will also be in view even if you’re still a few decades from the time you decide to take it easy and enjoy the fruits of your labour. “And, since we’re covering all the bases,” says Len, “we’re also looking at what happens if you were to pass away earlier than expected.”
If clients own a business, planning for its future should they pass away will be important. A lot of client assets may be tied up there, and they need to decide what should happen to it if they aren’t there anymore. Preserving value will be a priority even if they think that selling up will ultimately be the best solution.
Estate planning and tax strategies are closely related topics. Obviously, clients would like their beneficiaries to get as much as possible while their estate pays as little tax as possible. Again, it’s an area where you need professional advice. Tax strategies will certainly influence your will, but could well include extras such as the creation of a trust.
There’s no denying that insurance is a grudge purchase. All the same, it’s important to have enough cover – and the right cover to fill any needs that could arise after death or as a result of a final illness. There’s no one-size-fits-all package. What clients need depends on their personal circumstances, but there’s no denying that insurance, including medical insurance, is part of their estate planning.
Estate planning protects interests through different life stages, but assuming that you’ll enjoy a lengthy retirement, it’s wise to consider that in estate planning too. Thus, the investments clients make towards a comfortable retirement also form part of planning for the legacy they hope to give their family.
Apart from having a valid will, you’ll also want to know that all the correct powers of attorney will come into effect – and you’ll want an effective executor to ensure that everything proceeds according to your wishes.
Ordinary people are amazed at what they can achieve when they approach their financial life with a plan – and the sooner they start, the more time they have to realise their financial dreams and ambitions – including having the ability to leave loved ones with a comfortable legacy.
But estate planning can’t be viewed in isolation – it forms part of a lifetime plan. That’s the message Len Elias wants to convey, and it’s the reason why he recommends talking to a reputable wealth management specialist like TLK Partners about your financial future.
Len Elias is a partner at TLK Partners, a company that takes care of the wealth management and accounting needs of ordinary folk, small and medium businesses, and high value individuals. TLK Partners, Chartered Accountants and Wealth Management Company website, or call (02) 8090 4324.
This material is of a general nature only, it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published.
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