Estate Planning

Estate Planning

Is Estate Planning the Same as a Will?

Estate planning and a will are related, but they are not the same. A will is a key part of estate planning, detailing how your assets will be distributed after your death. However, estate planning goes beyond just a will. It includes a comprehensive plan for managing your assets during your lifetime and ensuring they are distributed according to your wishes after you pass away. This can involve trusts, powers of attorney, and strategies to minimise taxes and legal fees. At LIFE Financial Planners, we guide you through the estate planning process, helping you create a plan that reflects your wishes and secures your legacy.

Why Do I Need Estate Planning?

Estate planning is essential to ensure that your assets are managed and distributed according to your wishes. Without a proper plan, your estate may be subject to lengthy legal processes, unnecessary taxes, and potential disputes among your heirs. Estate planning provides clarity and peace of mind, protecting your loved ones from the stress and complications that can arise without clear instructions. At LIFE Financial Planners, we help you navigate the complexities of estate planning, ensuring that your legacy is protected and your loved ones are cared for.

Is It True That a Person’s Debt Dies with Them?

It’s a common misconception that a person’s debt dies with them. In reality, when someone passes away, their debts typically become the responsibility of their estate. The executor of the estate will use the deceased person’s assets to pay off any outstanding debts before distributing the remaining assets to the beneficiaries. If the estate does not have enough assets to cover the debts, creditors may have to write off the remaining amounts, but beneficiaries are generally not responsible for paying off these debts. Proper estate planning can help manage and address these concerns. At LIFE Financial Planners, we provide expert advice to ensure your estate is handled according to your wishes, including how to manage any debts that may remain.

Testimonials

Have been using Life Financial for 3 years now and Marijana has repeated provided us with the best possible strategies for our changing situations. We believe that the LFP team consider our financial security just as important as their other clients. Marijana, Mei and Donna have been very kind, easy to talk to and responsive to my calls and emails. We definitely recommend LFP without hesitation.

We have been seeing LFP for about 10 years now! We are so appreciative of their service and reminders to look after our financial future. It is a relief to leave our superannuation investments and insurances in their very capable hands. Would recommend them to anyone who does not already have a financial advisor.

We have been clients of Marijana and team for a few years now and they have been nothing but professional, caring and informative. Marijana is always happy to answer all of our questions and kept the process worry-free for us. We always look forward to seeing the team every year for our review. Thank you for everything you do for us 😊

We always receive Marijana and Mei’s full care and attention when needed, and cannot recommend them highly enough!

We are so incredibly grateful for the personal but very professional advice given by Marijana and Mei. After a lifetime of medical bills, transition to retirement was looking grim, but after meeting with the team at Life Financial Planners a few years ago, they really listened to our personal circumstances and we now have a clear, positive path.

We have been clients of Marijana and the team since 2006. During this time I have retired from working - a daunting time for most of us. The transition to retirement was quite smooth, thanks to the very professional advice we received. We have no hesitation in recommending Life Financial Planners to anyone seeking assistance with their financial planning needs.