Estate planning

Managing your finances to meet your day to day requirements as well as your long term goals can be a complex task.

There are all sorts of issues you need to consider such as taxation, legislation, protecting your wealth and assets, associated costs and the inherent risks of investment.

​Before making a commitment to purchase or sell a financial product, you should ensure that you have obtained an individual Statement of Advice.

An effective estate plan includes tax effective Wills to protect your estate and the interests of your beneficiaries in the event of your death.

Some factors to consider when developing your estate plan:

Your Will is the document that directs how your estate is to be distributed amongst your nominated beneficiaries. Special care should be taken to ensure the ownership and control of all your assets including ‘non-estate’ assets pass to beneficiaries in the way you intend.

Your Superannuation is an asset excluded from your Will. Any benefit payable upon death is distributed by the superannuation trustee in accordance with the Trust Deed to your dependents.

There are different types of testamentary trusts, including discretionary trusts and special disability trusts.

Testamentary trust may assist to distribute your estate to your beneficiaries in a more tax effective manner and may reduce the likelihood of a successful challenge to your Will.

It is a common practice for the trustees of a discretionary trust to distribute any derived gains to those beneficiaries who have the lowest marginal tax rate in the distribution year. This is one of the main advantages of using a testamentary trust.

A testamentary trust may also provide asset protection for beneficiaries of your estate who may face certain legal claims on their assets, divorce or bankruptcy.

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