ESTATE PLANNING

Estate planning is more than just preparing a will. It requires careful consideration of a person’s circumstances and asset structure. Not everyone’s affairs are as straight forward as they might think they are.

Estate planning encompasses:

  • the preparation of a will
  • determining whether an enduring power of attorney is required and who should be appointed as the attorney(s)
  • who can make claims upon your estate and how can that threat be minimised
  • ensuring your estate passes to those you intend to benefit from it
  • considering your asset pool and determining what assets might be outside of your will
  • considering whether binding nominations should be put in place for your superannuation

Not all of your assets can be dealt with by way of your will. For example jointly held assets will pass to the surviving joint proprietor regardless of what your will says. Assets in a discretionary family trust are separate from your personal estate and require special consideration.

Who benefits from your superannuation is usually determined by the trustee of the Super Fund and not by your will. Binding nominations to a Super Fund trustee can be an important estate planning tool.

When people re-partner they need to give very careful thought about their estate planning. Usually in such circumstances one or both will have children from previous relationships. How do you protect your new life partner and your children at the same time when there is a limited asset pool?

We will help you decide whether your requirements are such that a simple will is all that is necessary or if a more complex will incorporating testamentary discretionary trusts are necessary. If your financial affairs are more complicated we will also look at who can control your family trust and what binding nominations for your superannuation need to be in place.