Estate Planning

Estate planning is a process designed to help you protect the wealth you have built over your lifetime so that it is managed and distributed smoothly according to yo ur wishes.

 More than just a Will, an Estate Plan also takes into account your superannuation and Powers of Attorney  as well as assets held solely in your name, jointly  with others, or assets held in private companies or trusts.

Estate planning seeks to ensure your estate is passed on to your intended beneficiaries in a financially efficient and tax-effective way. This is because the choices you make can have significant implications for tax purposes, as well as how and when distributions can be made to some beneficiaries.

Is a Will really necessary?

Everyone should have a legal Will, even if only as a safeguard against the unknown. While it can be upsetting to think of squabbling among family, the reality is that when someone dies, arguments over money, assets or bequests are more common than you may think. In some cases, this can cause a complete breakdown in relationships.

Remember, if you do not have a valid Will you die ‘intestate’, which means that the public trustee in your state will be appointed to look after your affairs. State laws may result in an unequal or unintended distribution of your estate. It is also important that your Executor knows that you have a Will and where it is kept.

Should I give someone a Power of Attorney?

If you lose the ability to look after your financial affairs, due to an accident or due to old age, then someone will inevitably be required to take control of your finances. If you haven’t appointed someone to manage your affairs, then in the event that you lose this ability it will be up to a court or tribunal to decide who takes this control.

Giving a person a Power of Attorney means you authorise that person to take over management of your financial affairs and act on your behalf. It’s a big responsibility, both for you in choosing the person and for the person you choose, should they ever be required to act on your behalf.

Creating a sound Estate Plan requires the involvement of legal and financial specialists. That's why we partner with a panel of Solicitors to work with us in providing this service to you. We strongly recommend that you contact us to discuss your personal circumstances.

Tel (within Australia): 08 8221 6515 Tel (international): +61 8 8221 6515