A will is undoubtedly an important part of the estate planning youll want executed after you pass away, its by no means the only one you should be considering says [Len Elias](https://tlkpartners.com.au/len-elias/) of TLK Partners.
The legacy you want to leave behind forms part of your financial planning. Thus, your 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 wealth management strategy and estate planning, says Elias. A good investment manager with structure investments to reduce risk.
Retirement will also be in view even if youre still a few decades from the time you decide to take it easy and enjoy the fruits of your labour. And, since were covering all the bases, says Len, were also looking at what happens if you were to pass away earlier than expected.
If you own a business, planning for its future should you pass away will be important. A lot of your assets may be tied up there, and you need to decide what should happen to it if you arent there anymore. Preserving value will be a priority even if you think that selling up will ultimately be the best solution.
Estate planning and tax strategies are closely related topics. Obviously, youd like your beneficiaries to get as much as possible while your estate pays as little tax as possible. Again, its 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.
Theres no denying that insurance is a grudge purchase. All the same, its important to have enough cover - and the right cover to fill any needs that could arise after your death or as a result of a final illness. Theres no one-size-fits-all package. What you need depends on your personal circumstances, but theres no denying that insurance, including medical insurance, is part of your estate planning.
Estate planning protects your interests through different life stages, but assuming that youll enjoy a lengthy retirement, its wise to consider that in your estate planning too. Thus, the investments you make towards a comfortable retirement also form part of planning for the legacy you hope to give your family.
Apart from having a valid will, youll also want to know that all the correct powers of attorney will come into effect - and youll 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 we start, the more time we have to realise your financial dreams and ambitions - including having the ability to leave our loved ones with a comfortable legacy.
But we cant view estate planning in isolation - it forms part of a lifetime plan. Thats the message Len Elias wants to convey, and its the reason why he recommends [talking to a reputable wealth management specialist like TLK Partners](https://tlkpartners.com.au/contact-us/) 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](https://tlkpartners.com.au/) 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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For more information, visit: https://tlkpartners.com.au/