Estate Planning

Skilled estate protection & capital transfer to your intended beneficiaries

Financial affairs have become complex. Estate planning is a complex process and is very useful if you are a wealth builder or someone interested in building wealth. People have unique property, superannuation and other investments all of which need careful consideration. Even if you do not consider yourself to be wealthy an estate plan can have an organising effect on your affairs not just for your relatives after you pass away but also for you as an organising document that will be useful for you in arranging your affairs.



Objectives of Estate Planning

1. Ensuring that the location of all important documents are known and safely secure. In response to the question, “Do you know where your Title deed to your property is?” People will often answer,”At the solicitors” The problem with this response is that law firms amalgamate and change hands and over a lengthy period of time the location of the documents can be difficult to ascertain. Original signed trust deeds are often kept at the professional offices of an accountant or solicitor. These documents are expensive to replace. It is worthwhile sighting original documents and locating the exact whereabouts of them.
2. Understanding that some assets are not capable of being disposed of in your will and that other steps need to be taken to ensure a transfer from one generation to the next. Examples of assets not capable of being willed are superannuation and trust assets.
3. Having in place a valid power of attorney.
4. Having adequate tax records in place that will inform your executors and beneficiary of what capital gains tax is applicable to each item of property owned by you.
5. Having a business succession plan in place.
6. Ensuring that your digital assets are protected.
7. Setting up trusts that allow for a seamless transition of assets across. generations by the use of trusts

How Your Solicitor helps you?
Most of us have a pile of papers in their house that relate to tax, property, superannuation, insurance, small business and so on. This paper can get out of hand. While you may know where everything is your executor who is asked to administer your estate ,will not; unless you have a road map that brings everything together for them and simplifies the process. The solicitor can ask you questions that are relevant to your specific circumstances that can assist you in bringing this plan together. Once you begin getting the mindset and awareness of estate planning it becomes easier to bring things together.