Succession and
Estate Planning

What is Estate Planning?

Estate Planning is not just about creating a Will. It involves understanding how you would like your legacy dealt with, and optimising your strategy so your beneficiaries are not paying unnecessary taxes, faced with unnecessary complexities, and receive their money in the manner in which you intended.

We keep estate planning in mind early on when giving advice, as steps you take now can increase the effectiveness of how your wealth is distributed to your beneficiaries. Leaving estate planning until it’s too late can sometimes lead to irreversable mistakes. 

Your goal may be to spend as much in retirement as possible, or you may have a certain amount you would like to leave to your beneficiaries. In any case, these wishes need to be considered in your retirement plan. 

We work with your solicitor to align testamentary wishes to your overall financial plan.

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FAQs

  • Estate planning is a gradual journey. Your estate plan is amended as your situation and your goals change. For example, having children, children reaching dependency, different legal risks or family risks being introduced to your beneficiaries, etc. Sometimes legislation also changes and requires a re-work of affairs. As an example, the anti-detriment payment was abolished in 2017, which allowed a deceased member to receive a payment based on the taxable component of their superfund.

  • Generally, it is important to make a plan that considers the needs of your spouse. You may wish to make a reciprocal arrangement with each other, or make provisions for variances.

  • A Power of Attorney (POA) is a legal document that gives the grantee the authority to act in certain legal or financial matters, such as managing investments.

  • An Enduring Guardianship Authority (EGA) is a legal document that gives the grantee the authority to act in certain lifestyle and medical decisions.

  • A Testamentary Trust is a Trust formed upon death. The way they operate is similar to a Family Trust. However, a Testamentary Trust carries additional tax benefits.

  • It can and it cannot. You can choose whether you want your Super to form part of your estate, and hence, be dealt with via your Will. People can nominate their Legal Personal Representative as their superannuation beneficiary, which results in the super being dealt with via their executor and hence passing through their estate.

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