Secure your legacy with expert estate planning and trusts
Helping ensure orderly wealth transfer and tax efficiency
Dying without a will can cause major headaches for beneficiaries. It may even see estate assets distributed in a way that the deceased would not have approved of.
Australia no longer has formal death duties, but capital gains tax and taxes on some superannuation benefits can act as de facto ‘death duties’.
An effective estate plan is therefore an important part of any comprehensive financial plan, helping to ensure the orderly transfer of wealth from the deceased to their chosen beneficiaries while minimising tax.
Documents and structures that can be called upon to craft an effective estate plan include:
Wills
Ensure your wishes are honoured. A will dictates how your assets are distributed after your death, protecting your loved ones.
Enduring powers of attorney
Designate trusted decision-makers. Appoint someone to make financial and personal decisions if you become unable to do so.
Superannuation and SMSFs
Optimise your retirement funds. Manage superannuation funds, including SMSFs, and ensure binding death benefit nominations.
Trusts
Strategic wealth management. Use discretionary family trusts and testamentary trusts for flexible and tax-beneficial wealth distribution.
Non-superannuation investments
Diversify your portfolio. Explore additional opportunities for wealth growth and financial security beyond retirement funds.
Life insurance
Protect your family’s future. Life insurance policies cover expenses and provide ongoing support in the event of your death.
Business succession plans
Secure your business legacy. Ensure a smooth transition of ownership and management, protecting the future of your business.
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Key tools
While many estate plans can be quite simple, there are several tools that can be used to craft more complex wealth transfer strategies.
These may be relevant in cases of larger estates with numerous beneficiaries, where there’s a family business, or where there are beneficiaries who have special needs or who are exposed to financial risks. Comprehensive estate planning advice is also a practical option for blended families.
Do you have a will? If so, is it up to date? Are you sure it will deliver the best outcome for your beneficiaries?
If the answer to any of these questions is ‘no’, it’s time we had a chat. Call us on (03) 9875 2900 or fill in the contact form and take the next step towards designing an effective estate plan.
Expert advice
- An estate planning lawyer, who can prepare wills (with testamentary trusts if appropriate) and powers of attorney, and advise on the legal aspects of specific strategies.
- A financial planner, who can identify strategies worth exploring, flag issues that need to be considered by the estate planning lawyer, and advise on the orderly disposal of assets as part of the administration of the estate.
- An accountant, who can assist in establishing family trusts and, during the administration of the estate, prepare estate tax returns.
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