Family Wealth: Simple Steps To Protect It l Camori InvestmentsCamori Investments

Family Wealth: Simple Steps To Protect It

Family Wealth: Simple Steps To Protect It

Creating family wealth usually takes a lifetime, along with hard work and effort. You don’t want to lose all of the effort you’ve put into building wealth for your family by careless mistakes. Such as having a will that was not properly put together, or other poorly planned financial matters. Poor tax planning or not having the right beneficiaries in place. Luckily, there are a few simple steps that you can take in order to protect your family’s wealth.

Simple Steps To Protect Your Family Wealth

  1. Know your assets and financials. It may seem like a simple step, but it’s important to know what assets to have and what your current wealth is. Wealth doesn’t just include money in the bank, it also includes your home, other possessions and other investments just to name a few. When you are planning out your estate, a key step is to list out all of your assets. If you’re having trouble with this step, a qualified financial planner can assist you.
  2. Seek and follow legal advice in order to create a well planned will. A well planned will means that your assets will be distributed to the beneficiaries that you list properly. If you don’t have a will in place, it can easily delay the distribution of your estate, and it can also mean that your assets may go to people that you didn’t intend for them to go to. Outside of a will, it’s also important to have other financial and legal documents in place. A financial advisor can help you determine which documents are necessary based on your individual circumstances.
  3. Think about how your wealth will be used by your beneficiaries once you pass. Depending on the age of the beneficiaries and other factors, you may seek to have a testamentary trust put into place which determines how and when funds are distributed, and it can also protect your legacy against circumstances such as bankruptcy, divorce and other ways in which people may lay claim to your legacy.
  4. Life cover and your super are also two other areas to think about. Life insurance may end up being where the biggest amount of money comes from in the event of your passing. A qualified financial advisor can help you determine the amount of cover that you need in order to secure your family’s wealth. In addition, you need to have beneficiaries listed for your super and you need to update them every 3 years.
  5. Finally, it’s essential that you seek out professional tax advice. By skipping this step, your family may end up with less money due to taxes being owed on the estate. A qualified professional can help you determine the best way to structure your wealth so that your estate doesn’t end up with a large taxation.

As you can tell, there’s a general theme when it comes to protecting your family’s wealth, and that theme is ensuring that you’re seeking out qualified financial and legal advice to ensure your future and your family’s future is protected.

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