Estate Planning

Estate Planning is an integral component to your overall financial plan and an area we assist clients.

The importance of estate planning is to provide a set of instructions that involves managing the transition of wealth between generations.

Nominating your Partner as the Beneficiary can be a BIG mistake

There are many risks associated if you do not have proper estate planning requirements in place.  Even if you have a valid will, this may not be good enough and below we have highlighted some of the potential risk to you and your family;

  1. Nominating your partner as the primary beneficiary is one of the common mistakes you can make on your Will.
  2. Statistics show on average the surviving spouse will re-marry in 2-3 years-time which then entitles the ‘new partner’ to claim 50% of assets should the newly formed relationship end.

Nominating your Children as Beneficiaries is another common Mistake

  1. Nominating your children as a beneficiary is also a common mistake you can make on your Will.
  2. Similar to argument above, your children may already be in a relationship or will enter into a relationship in time. As such, the inheritance they receive may be at risk should their relationship end with their partner or future partner.

How we can HELP you

By understanding these potential risk, we can assist you by providing advice on how your assets and life insurances benefits can be protected to your loved ones. We can assist you by providing advice on the following matters;

  • Having provisions in your Will for the establishment of a Testamentary Trust. A Testamentary Trust has the following protection mechanisms in place to avoid potential claims from a third party.
  • A Testamentary Trust are not owned by the beneficiaries so they don’t form part of the beneficiary’s estate.
  • A Testamentary Trust will provide tax benefits as capital and income can be distributed across the various nominated beneficiaries.
  • A Testamentary Trust will have a nominated Trustee who governs and controls the assets, how they are invested and how income and capital are distributed.

As you can see, having provisions for a Testamentary Trust in your Will is critical to ensure your loved ones are protected from any potential claims that may arise in the future.

Other Estate Planning Considerations

In addition, estate planning involves other considerations such as:

  • Nominate and Enduring Power of Attorney (which allows a representative to act on your behalf for financial, legal and medical purposes) while you are incapacitated.
  • Nominate Guardians for your children should both parents pass away.
  • Nominate an Executor of your Estate.
  • Nomination of Beneficiaries for Superannuation & Life Insurance – We can assist you in ensuring your nominations are directed into your estate of which your Will will establish the set of instructions on how these assets will be managed.

We ensure, as part of your financial plan, that appropriate estate planning measures are implemented for the protection for your assets, your family and life interest.

Contact Us

If you would like advice on your estate planning requirements, please complete our online enquiry form or simply contact our office on 8621 8485.