The Christmas break is when you finally get to stop and think about family, the year that’s just been, and what lies ahead. A lot of those discussions will inevitably involve money in some way.

Will 2024 be the year that you start working less? Whistler or Whitehaven for your wedding anniversary? How do you get the family more involved with the business? Are you going to become a grandparent again – and how does that affect the Will?

There are so many things to chat about (between the turkey, the backyard cricket and the trips to the beach) and they really can be productive discussions. To help you make the most of your break and agree on things to action in February, our Elston advisers have jotted down their thoughts on what you might want to look at.

Have a read through, and if you’d like to know more about a particular topic, feel free to reach out to an adviser here at Elston. We’d be more than happy to help.

Is your Will up to date?

When families and friends come together, we all get to appreciate how life has changed. The kids are bigger. The grandparents are a bit older. Relationships have changed. Babies are on the way.

It’s a time for gratitude and reflection. So, potentially, it’s a good time to think about your Will. It’s quite possible that your Will was written a few years ago. Does it still hold true? Are all beneficiaries mentioned? Are all your assets covered? Have you specified exactly what should happen with your super?

There’s a very good chance that your Will is in need of an overhaul, or at least a tune up. Make a note of the areas that might need addressing and plan to make an appointment with an estate lawyer early in the new year.

When life changes, so should your insurance

Often, we get so busy growing our wealth, that we forget to stop and think about how well we’re protecting that wealth.

If you’re one of the breadwinners in the family, and something happens to you, how does that affect everyone else? Will the school fees still be paid? Will the mortgage be covered?

It’s easy to assume that your insurance will be adequate when it comes time to make a claim. However, it’s best to be sure. If your circumstances have changed since you last took out a life, TPD or income protection insurance policy, make sure you review those covers regularly.

Are you tired of being a landlord?

Having an investment property looks good on paper. But in reality it can be a lot of work. Managing repairs. Raising rents to cover a ballooning mortgage. Finding a bit extra each year to cover council rates, body corporate fees, land tax and all those other costs that keep creeping up.

Given that housing prices have risen over recent times, you might still think that being landlord is a good investment strategy. But to really pull it apart and look at the pros and cons, you should probably talk to your financial adviser.

How do the after-tax returns actually compare to other investments? And what does the comparison look like over a few years versus over a decade or more? It doesn’t hurt to ask the question.

Build yourself a better budget

A lot of people think that a budget is just something that’s useful in times of financial stress. But really, a budget is something everyone should adopt. Even the uber-wealthy like to know where all their money goes and how they can rechannel some of their wasted cash back into new endeavours.

So this December and January, while you’re thinking about dusting off the power tools and whipping up a DIY project, think about building yourself a better budget too. Laying everything out on the table once a year is always a good idea – and you never know what you might find.

It’s a wonderful life, but could it be better?

Around Christmas is when a lot of people get itchy feet. That could mean that they want to sell the house, downsize to an apartment or seek out a sea change. It could mean that they’re keen to get out of a relationship and start afresh. Or perhaps it’s time to sell the business or pursue a career change.

Wherever your mind wanders over the holidays, always remember that it’s good if you can share those dreams with your adviser before you make the leap.

At Elston we’ve helped lots of people to plan their next steps. We have specialist advisers who work with family law clients. We have experience in rural succession planning. We also understand the unique dynamics in a family business. This expertise has enabled our clients to think their way through the challenges and identify what needs to be done to make the opportunities more accessible.

Creating a gift that keeps on giving

Charities do so much great work helping those in need. That’s why at Christmas time Australians are extraordinarily generous. It’s also why dinner conversations often turn to discussions around the impact our giving can make.

For those of us who are fortunate enough to be able to live comfortably, care for our loved ones, now and for the future, and still have the capacity to do more, philanthropy is a very real possibility.

If, like many people, you think philanthropy is the preserve of the Royal Family or Bill and Melinda Gates, think again. Structured giving has become much more democratized. Today everyday Australians are discovering that philanthropy can be accessed with relatively small amounts of money. For example, if you were to establish a subfund in the Elston Giving Foundation, you would need just $25,000 to get started. A subfund provides tax benefits to you and your family. It also gives you the freedom to choose between thousands of registered charities each year as you make your donations.

---

Unwrap your finances with your adviser

When you’ve started to think about how things might change in 2024 or in the years beyond, the next step you might want to take is talking to your financial adviser. They’ll help you to unwrap not just the financial ramifications, but also the emotional biases that might affect your decision making as you move forward.

If you would like more information please call 1300 ELSTON or contact us and an adviser will be in touch.