Protecting wealth through effective estate planning

It is important for all adults to have a legally valid and up-to-date Will in place, regardless of the size or value of the estate being left behind.

However, for those of us who will be passing on large or complex estates, the need for a comprehensive estate plan is just as vital, to ensure that this wealth is passed on to future generations in the most effective and tax efficient way possible.

According to recent research, the number of wealthy Australians is on the rise. CommBank's National Wealthbeing Indicator, which tracks the wealthbeing of the country, has found evidence of an increase since August 2013 – driven by an improvement in the current and projected investment performance of Australians.

The research reveals that almost 40% of Australians say they will invest more money during 2014, with 80% of these expecting to invest at least $3,000 per year ($250 per month) more than they did last year.

Other key highlights from the research include:

• Australia is a nation of sensible savers with 85% stating they are saving or investing to build wealth for the future;
• The average age when most people feel the need to start investing is 25;
• Owning property is the primary goal for 51% of Australians when starting to build wealth, with only 6% considering shares;
• 67% of Australians are confident they will be financially comfortable or wealthy at retirement.

Taking the time to write a Will and plan your estate will ensure that your hard-earned wealth is eventually distributed in accordance with your wishes, and that the transfer takes place in the most efficient way possible.

Contact us

If you would like expert legal advice on planning your estate contact Szabo & Associates Solicitors today and speak with one of our specialist solicitors. Call us on (02) 9281-5088 or fill in the contact form to the right of this page.