FIN2106 Lecture Notes - Lecture 10: Intestacy, Centrelink, Yasser Arafat
FIN2106 – Module 10
-Estate planning
oThree phases in life:
Wealth creation
Wealth protection
Wealth succession
oEstate planning involves organising your financial affairs so you can pass on your
accumulated assets to your selected beneficiaries upon your death in the most effective
manner possible.
-Role of advisors in estate planning
oAdvisors involved in estate planning
Financial advisor
Risk advisor
Taxation advisor
Legal practitioner
Accountant
oFinancial advisors often ideally placed to coordinate. However, they need to:
Make clear that they are not responsible for the others
Get information consent from client
Only give advice where they are qualified
-Powers of attorney
oA legal document in which one person (the grantor) appoints another person (the
attorney) to act on his/her behalf
oBoth grantor and attorney must be above 18 and of sound mind when the document
was prepared
oCan be revoked by the grantor anytime
oExtinguished upon death of either grantor or attorney
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