Important elements in estate planning include your Will, an enduring power of attorney and adequate insurance cover for your particular needs. In considering your Estate Plan, particularly the drafting of a valid Will, it is important to understand clearly what assets actually form part of your estate – not everything that you have control of is necessarily ‘yours to bequest’!
Your estate plan is a version of a financial plan – it should provide financial security and certainty for your dependants and other beneficiaries. Based on a finite existing asset position as at the date of your death, your bequest aspirations need to be regularly reviewed to ensure your plan meets your expectations. A good estate plan will:
- Ensure that ownership and control of your assets passes to the intended beneficiaries in the correct proportions; and
- In a way which results in a tax effective manner, incurring minimum tax on the income and capital gains earned on the estate assets; and which protects those assets should a beneficiary be involved in any legal and/ or competence difficulties (including bankruptcy, divorce or ‘dependencies’).
The use of testamentary trusts and the appointment of appropriate executors/trustees are important considerations, including in situations where there are likely to be beneficiaries who are still minors at the relevant time. We also advise on the suitability of making a binding death nomination for your superannuation death benefits.
In situations where there are business assets involved, business continuity may be of concern and buy-sell agreement(s) need to be considered: our experienced financial advisors can make recommendations in this regard – and/ or liaise with your accountant and lawyer to ensure the most suitable outcomes are targeted.
We can provide you with tools to ensure your legal adviser is well instructed for the preparation of a Will, and that your beneficiaries (nominated by class or name) receive the right amount of funding, at the right time.
To access these services or to arrange a confidential appointment with one of our financial planners, contact us on (07) 3421 3456 or email our helpful staff via our Contact Us page.
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2042 Logan Road, Upper Mount Gravatt Brisbane, QLD, 4122 Australia
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