Estate Planning​

More than just a will.

Effective Planning To Ensure...

The Right Funds

Enough to meet your needs and wishes

Are In The Right Hands

Held by the appropriate people or entities who you want to hold them

At The Right Time

When you want them to hold those

Make Sure You Have

An Effective Will

Passing assets on your death

An Enduring Power Of Attorney

If you become incapacitated

Effective Control Strategies

Passing control of companies and trusts on your death

The Estate Planning Process

How to protect the beneficiaries of your estate​

Step 1

Gather & Collate Key Information

Step 1

Identify the assets and liabilities you currently have, including any debts between family members. You'll also need to know your current level of insurance and superannuation information, as well as full family and marital status details.

Step 2

Outline The Objectives Of Your Estate Plan

Step 2

List and, if possible, prioritise the issues and objectives to be achieved in establishing your estate plan - both during your lifetime and through your will after your death.

Step 3

Create An Alternative Backup Strategy

Step 3

Formulate alternative strategies (both during your lifetime and after your death) to ensure your estate plan caters to a variety of different circumstances.

Step 4

Finalise & Communicate Your Estate Plan

Step 4

Decide on an appropriate strategy and communicate this to all interested parties.

Step 5

Implement Your Estate Plan & Prepare New Will

Step 5

Prepare a new will and adopt an investment plan consistent with the estate plan, rearranging the family business or other assets as necessary.

Step 6

Regularly Review Your Estate Plan & Strategy

Step 6

Review your estate plan every one to two years, as well as on the occurrence of significant events.

Create An Estate Plan To Protect Your Future​

Estate planning is more than just having a will. It can be defined as the process of ensuring that your accumulated wealth is:

  • Enough to meet your needs and wishes;
  • Held by the right people or entities at all times; and
  • Transferred to those you want it to go to, at the right time.

Aspects Of Estate Planning

  • Do you know your net worth?
  • Will there be sufficient assets in your estate to pay off your debts?
  • Will there be sufficient assets in your estate to provide for your dependents or loved ones?
  • Will sufficient funds be available to your business if you or a business partner die or become disabled?
  • Will you have enough funds for a comfortable retirement?
  • What assets do you own personally?
  • Are jointly owned assets held as joint tenants or tenants in common? The difference is important!
  • If assets are held in a company or trust, you don’t own those assets, but you can control them by controlling the entity that owns them.

Companies

  • Shareholders decide who the directors are
  • Directors make the day to day decisions for the company.

Trusts

  • Trustees control the trust assets for the beneficiaries
  • Appointors can change the trustee
  • Beneficiaries get the benefit of trust income and assets
  • During your lifetime beware tax and stamp duty on transfer of assets!
  • On death – via your will
  • Enduring Powers of Attorney – control of assets and structures if you are incapacitated.
  • Accumulation of wealth for retirement.
  • Discuss with your financial advisor
  • Using superannuation for a tax-effective accumulation of wealth and your retirement.

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