Estate Planning

A will is crucial for ensuring your assets are distributed according to your wishes, providing clear directions and helping avoid potential disputes among beneficiaries. If you pass away without a will then there may be disputes or uncertainties as to how your estate is to be distributed and additional costs to your estate and family in having your assets distributed from your estate. Where you do not have a will there will typically be some involvement by a court in deciding how to distribute your assets. Having an up-to-date will is a cost effective way of making it clear your wishes and looking after them as best you can in the circumstances. We have an arrangement with a specialist firm that can assist with this matter that in most instances will be cost effective.

This is a broad area but suffice to say that the taxation of assets when they pass to beneficiaries and their plans for the realisation of those assets needs to be considered. For our clients, we assist with a fit for purpose plan. As an example, the taxation of superannuation benefits paid by the superannuation trustee on death may be different depending on the tax position of the beneficiary so simple but careful planning can reduce the tax burden on beneficiaries.

The funds or assets in a retail superannuation account do not normally form part of your estate. A binding death benefit nomination, if executed correctly, is an instruction to the super trustee as to who you nominate and in what percentages (if you nominate more than one person) you want your super account paid. Depending on tax and other considerations, the funds or assets in a retail superannuation account can be paid to your legal personal representative (or executor) on death if so nominated in your binding death benefit nomination. For our clients, we assist with a fit for purpose plan that in most instances will be simple and is part of our service.

A Power of Attorney allows you to appoint someone to make financial and legal decisions (within the terms and conditions of the appointing document) on your behalf while you are alive. It is not always needed but some of our clients can benefit from a Power of Attorney as they may travel for work or otherwise need one for convenience in the management of their financial affairs. The need for a power of attorney must be carefully considered given the powers that it provides to the attorney.