Estate Planning

A well constructed and thought out estate plan will give you ‘peace of mind’, knowing your estate will be passed through to future generations in line with your wishes.

Estate planning is far more than the preparation of a simple will. A properly thought out estate plan involves considering many important decisions, including powers of attorney, enduring guardianship, superannuation and life insurance nominations.

A successful estate plan is about ensuring your assets are passed to the intended beneficiaries, at the most appropriate time and in the most tax-efficient way.

Everyone can benefit from a properly thought out estate plan, regardless of wealth, age and family position.

We understand that everyone’s estate planning situation is unique. Our goal is to deliver a solution that is specifically tailored to your individual circumstances.

Understanding your situation

We will take the time to gain a thorough understanding of your circumstances, including:

  • Family position (family tree)
  • Financial assets and liabilities
  • Structure (trusts, companies & superannuation funds)
  • Life insurance policies
  • ‚ÄčExisting estate planning documentation

Establish goals & objectives

We will aim to gain a deep understanding of your estate planning goals.

Our estate planning advisers will work through the following areas with you:

  • ‘What if’ scenarios to determine how your assets and control of entities will currently pass
  • The beneficiaries you would like to receive your assets
  • ‚ÄčIn what form your assets will pass.

Put forward solutions

Taking your goals into consideration will help us to navigate through the complexities of your estate plan and offer strategic solutions in relation to:

  • Your will, a legal document allowing you to determine the beneficiaries of your personal assets and on what terms. Without a will, your assets are distributed based on a pre-determined government formula, which can result in a long, drawn-out settlement of your estate, which could potentially not be in line with your wishes
  • Your executor, the person appointed in your will to administer your estate. Without a nominated executor, the court will appoint someone to administer your estate for you
  • Your guardian, the nominated caretaker for your children, if required
  • Asset protection strategies to ensure that your estate remains with your intended beneficiaries.

Superannuation assets and life insurance policies generally fall outside of your estate. We will take the time to discuss with you the strategic options available in relation to the distribution of your superannuation and life insurance proceeds and highlight the tax implications of each option.

A holistic estate plan will cater not only for the event of your death, but also in situations of incapacitation, including illness, accident or old age. Having an enduring power of attorney and enduring guardianship in place will allow you to nominate the person(s) who will make important financial and lifestyle decisions on your behalf in the event of incapacitation.

How will my beneficiaries potentially benefit from a Testamentary Trust?

Your beneficiaries may derive the following benefits:

  • protection of inheritance in the event of a relationship breakdown
  • protection of inheritance from creditors in the event of a failed business
  • protection of immature or vulnerable beneficiaries
  • ensuring that beneficiaries with special needs are properly protected
  • minimisation of the impact of adverse taxation outcomes, including income tax and capital gains tax (CGT)
  • in situations where young children are involved, a testamentary trust can distribute income to children under the age of 18 at adult tax rates rather than the usual penalty child tax rates.

Legal documentation

We will provide you with a written plan clearly articulating your estate planning goals, an outline of possible solutions to achieve your goals and we will work closely with a legal professional to ensure they have a thorough understanding of your goals and the strategies you would like to consider.

The legal documentation to be drafted will generally include your will, enduring power of attorney, enduring guardianship, memorandum of wishes and superannuation death benefit nomination. We will also ensure any relevant trust deeds and company constitutions are reviewed.

In the event that something should happen to you, it is vitally important that your original estate planning documentation is safely and securely stored in a location that is easily accessible for your executors and attorneys. We will organise a final meeting to formally sign off your documentation, provide copies for your records and store the original documentation for safe keeping.

Pricing

Prosperity offers a variety of packages to suit all estate planning situations and we will provide an upfront fee quotation.

Contact us

If you would like to discuss your estate planning needs with one of our specialists, please contact Prosperity.