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Why is your client's employment important in the context of estate planning? It’s more than just a formality - it’s a cornerstone of your client's financial security.

Writer's picture: Inherit TeamInherit Team

Recently, advisers have asked us about the relevance of employment in estate planning, particularly for families with a single breadwinner.


For households relying on a single income, the stakes are high. The breadwinner's role in estate planning is crucial to ensuring financial stability in the event of death or incapacity. Here’s why:


✅ Income Replacement: Life and disability insurance to safeguard the family’s future.


✅ Immediate Liquidity: Access to funds for funeral costs and day-to-day living expenses.


✅ Debt Management: A clear strategy for settling outstanding debts and liabilities.


✅ Dependent Care & Education: Long-term planning to secure loved ones' futures.


✅ Tax Efficiency: Minimise the impact on assets through strategic measures.


If the breadwinner owns a business, succession planning is essential. Key considerations include:


  • Reviewing shareholder agreements, trust deeds, and company constitutions.

  • Establishing buy/sell agreements to handle stakeholder rights and obligations.

  • Determining the business’s valuation and exit strategies upon a stakeholder's death.


A thorough estate plan ensures that families and businesses remain financially stable. Effective communication, legal documentation, and professional advice are vital for a seamless process.

 

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Made in Mornington /  Victoria

Inherit Australia is located on the picturesque Mornington Peninsula, just an hour's drive south of Melbourne. Our local team, boasting over 50 years of combined experience in legal and technology, is committed to addressing the complex challenges of estate planning. From Power of Attorney documents to comprehensive estate plans, we cater to a diverse clientele, including retail customers, financial advisers, and legal professionals. Our proprietary software and data, proudly 100% Australian-owned, designed, and hosted, underscore our commitment to delivering secure and tailored estate planning solutions.

At Inherit Australia, we understand that your information is sensitive. In order to setup your account we need to verify your email address to ensure your identity. This will allow you to access your data in the future and communicate with us from a verified email address or Google account.

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Your sensitive data is also encrypted at the application layer using a random key and seed generated exclusively for your Life Vault. The keys and seeds are stored in corporate-grade key storage hosted separately from your data and maintained by Microsoft Azure.


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