Guiding the Estate Planning Process with Isabelle Marcarian
Chatting with Isabelle Marcarian, the Principle Solicitor at Safewill Legal
Let's dive into our latest juicy conversation, where we got to chat with the inspiring Isabelle Marcarian, the lead honcho at Safewill Legal. Isabelle took an accidental yet deliberate plunge into the abyss of estate planning, but it didn't take long for her to discover her true passion: safeguarding families' financial futures.
Curious to learn more about her inspiring journey and her vast expertise, we had a ball chatting with her, with Isabelle opening up about what drove her to the world of estate planning, the importance of educating clients, and her sneaky work-life balance secrets. She also gave us the lowdown on the benefits of testamentary trusts and offered some practical advice on having those awkward inheritance discussions.
What spurred Isabelle to specialise in estate planning and what keeps her burning with passion for empowering families to secure their financial legacies?
Estate planning is some funky serendipity that Isabelle stumbled into, but she's seriously head over heels about it now. With estate planning being all about people, it's the human connection that keeps her hooked (yes, we're talking about you, lucky families). To do her job accurately, she needs to listen, learn, and understand absolutely everything about her clients - their familial tango, relationships, assets, businesses, risk profiles, and their deepest wishes for the future of their life's work.
Education plays a crucial part in her approach as well. It's not just about her pimping a one-size-fits-all plan down their throats. She enjoys working alongside her clients to educate them about what's going on – because learning is fun and it sticks.
Curious about estate planning's intricacies? Here's your chance to find out about superannuation, insurance, state and federal taxes, and more. It's the thrilling cocktail of financial empowerment that Isabelle's living her dream working on.
With a whopping wealth transfer on the horizon over the next couple of years, Isabelle shares some of the most common concern families have about their inheritances and her smart strategies for addressing those fears.
With the billions upon billions of dollars at stake, families' concerns continue to grow. The root of their worry? Ensuring their wealth is passed down according to their wishes. The most common wish? That their wealth stays within their bloodline. But, of course, there are risks – primarily re-partnering and relationship breakdowns.
Re-partnering can result in your surviving spouse's new partner muscling in on the inheritance action, while blended families can see underage kids from other relationships trying to muscle in. Neither situation is ideal for those biological children who were counting on their share. To tackle these concerns, Isabelle suggests strategies like gifting certain assets to your children directly, creating main residence trusts for partners, or using testamentary trust Wills.
Isabelle sheds some light on the magical benefits of testamentary trusts, explaining how they not only offer financial benefits but also peace of mind.
Testamentary trusts are legal wizards that kick into action right after you kick the bucket (yes, we went there). The will names a trustee to manage the assets for the chosen beneficiaries. Testamentary trusts offer strong asset protection against creditors and divorce, making them a sweet deal for the "at-risk" ones, like doctors, lawyers, business owners, or those at risk of relationship breakdowns.
These clever trusts also offer superior tax benefits compared to handing assets out to individuals. The trustee can distribute income tax-efficiently, and testamentary trusts allow underage kids, who would usually get hit with hefty taxes, to pay adult taxes.
Open conversations about inheritance can sometimes be tough. Isabelle dishes out her top advice for families on how to broach the subject and keep the discourse honest and productive.
Even though inheritance discussions can feel awkward AF, remember that the people most affected by your plans – your loved ones – deserve transparency. Treat inheritance like another boring but necessary piece of life admin – you wouldn't shy away from talking about car insurance or superannuation. Opening up about your estate plans ensures your executor and beneficiaries know where to find your will, and it gives family members a chance to clarify misunderstandings, learn, or get motivated to sort their own estate planning.
Charitable bequests are picking up steam. Isabelle reveals how including a charitable component in a will enriches both the legacy of the giver and the lives of the beneficiaries.
Charities are super grateful for bequests, which make up around 20% of their funding in Australia. The warm fuzzy feeling you get from knowing you've made a positive difference after you're gone, even with a 1% donation, is pretty phenomenal. And for the charitable beneficiaries? They can use the bequests to fund transformative projects that wouldn't be possible with regular funding.
Managing an inheritance can be overwhelming. Isabelle shares some keen advice to help the next generation get ready and feel confident about their new responsibilities.
Seek guidance! It's far easier to obtain advice with a plan in place rather than trying to sort it out after things have already gone awry. Combining estate planning, tax, and financial advice will ensure that inheritances are structured thoughtfully and managed properly. Surround yourself with experts in the field – estate planning lawyers, accountants, and financial advisors – for maximum support.
From her wealth of experience, Isabelle dishes out some of the most rewarding aspects of helping families through the estate planning process and how Safewill Legal supports them every step of the way.
Isabelle takes immense pride in helping families streamline the estate planning process, ensuring that their loved ones are protected, and easing their worries. Fact: the process is much more straightforward (and less daunting) with Safewill Legal. Isabelle emphasizes that the company's mission focuses on making estate planning more accessible and affordable, both online and through their legal oversight and review services. So, if you've hesitated to create your will or powers of attorney in the past due to costs or lack of time, well, now you have no excuse, my friend!
Investing in personal-finance education, such as understanding asset protection, taxes, and wealth management, is key to safeguarding one's financial future, as shared by Isabelle Marcarian, the Principle Solicitor at Safewill Legal. Additionally, Isabelle advocates for the establishment of testamentary trusts, which not only offer financial benefits but also peace of mind, by managing assets for chosen beneficiaries and providing superior tax benefits.
