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Personal Finance Plan

It is never too early to plan for your future.

When it comes to developing a personal finance plan, it is really about addressing the following key areas in your life:

Wealth Creation and Retirement Planning

Establishing a wealth creation plan, implementing and monitoring it is essential to financial well-being. Equally so, ensuring your wealth creation plan is tax-effective during the course of accumulating your wealth and when you retire will give you peace of mind.

Having a clear plan on when you want to retire and what level of income you would like to live on at that point in time in your life will assist in making important decisions.

Insurance

Insurance is a key part of your wealth creation and estate plan. It is important to undertake an assessment as to whether you have adequate insurance cover in the event that:

  • You are unable to work - Income Protection Insurance;
  • You suffer a trauma event such as a heart attack or cancer - Trauma Insurance;
  • You become fully incapacitated or die - Total & Permanent Disablement Insurance and Life Insurance; or
  • You suffer other business or personal losses.

Family Register

A Family Register is a critical document, where in the event of your death or illness, your partner or family members will be able to access all of the information and necessary documents to understand your financial and non financial dealings and to take action as required without undue delay and stress.

Estate Plan

During the course of accumulating your wealth and/or when you have retired, it is critical that you have an up-to-date estate plan reflecting how you would like the wealth you have accumulated to be distributed to beneficiaries. An Estate Plan would include the preparation of the following documents recording your wishes:

  • Your Will;
  • Powers of Attorney
  • Advance Care Directive
  • Testamentary Trusts (if applicable)?

Please note that these documents must be prepared by a solicitor.

Annual Review

Once you have the above set in place it is important that you don't just put them away on the shelf and forget about them. Remember to review and update them on a regular basis, i.e. at least annually. This will ensure that you are on track to achieve your personal financial plan and that it remains current and up-to-date and reflective of your circumstances, wishes and goals.

 

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Disclaimer
The information provided in this information sheet does not constitute advice.  The information is of a general nature only and does not take into account your individual financial situation. It should not be used, relied upon, or treated as a substitute for specific professional advice.  We recommend that you contact Brentnalls SA before making any decision to discuss your particular requirements or circumstances.
 
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