A good Estate Plan ensures your assets fall into the right hands at the right time, but unfortunately this is not something you can leave to chance.
We can assist in organising your estate planning, including:

• Wills
• Enduring Power of Attorney
• Trusts (including Testamentary Trusts and Disability Trusts)
• Binding Nominations
• We will work in partnership with your legal adviser to ensure that your estate plan continues to protect and manage the wealth you have created during your lifetime.

An effective estate plan includes tax effective Wills to protect your estate and the interests of your beneficiaries in the event of your death. Outlined below are some factors to consider when developing your estate plan.

Dying without a Will

Dying without a Will or with an invalid Will is known as dying intestate. In such an event, laws are in place in each State to determine how your estate will be administered. This may result in your estate assets being distributed against your wishes as well as incurring unnecessary tax liabilities for your beneficiaries.

Executor

You are required to nominate an executor in your Will. The executor has the duty of carrying out your wishes in the Will and is granted power to administer the estate. This is likely to include collecting assets, paying off any debts and distributing the benefits to those entitled.

Careful consideration is required when appointing the executor. It is recommended you discuss the appointment with that person prior to making the Will. In addition to estate beneficiaries, executors may also be your solicitor, accountant or a public trustee

Your superannuation

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. This usually gives the trustee the discretion to decide who should receive your superannuation entitlements.

Eligible beneficiaries are detailed in superannuation legislation and include your legal personal representative and your ‘dependents’. A dependent for this purpose includes your spouse, your children, any financial dependent or a person in an interdependency relationship with you.

Power of Attorney

Granting a Power of Attorney means you legally appoint a person or an organisation to make decisions, sign documents and act on your behalf in various matters. When you grant a Power of Attorney you may choose to limit the actions which the attorney can perform on your behalf (Limited Power of Attorney) or give the attorney wide powers to undertake actions on your behalf (General Power of Attorney).

Specific details as to the powers under a Power of Attorney are determined by the state legislation to which the Power of Attorney relates. This may present difficulties if for example, you have property in more than one state.

Enduring Power of Attorney

One of the limitations of a Power of Attorney is it generally ceases when the person suffers a loss of mental capacity. This can be overcome with the use of an Enduring Power of Attorney. This type of Power of Attorney does not cease on mental incapacity and can therefore provide an important tool in estate planning.

Your Will is the document that directs how your estate is to be distributed amongst your nominated beneficiaries. Most people wrongly believe their Will covers all their assets, so 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.