Estate Planning

Leave your family with fond memories, not confusion and conflict. Get a watertight estate plan, then get on with enjoying life.

We all want to be remembered fondly, for doing the right thing, not for leaving a mess behind.

 

Will my family be OK when I’m gone? Can our kids handle their inheritance? How can I set up my will to ensure they can? Is my estate plan tax effective? How do family trusts work? From family estate planning through to family trust advice,  legacy planning and life insurance, we have the answers.

 

Family Estate Planning

Good estate planning isn’t simple; but done well, those complex family relationships and financial affairs can be arranged to avoid conflict and costly mistakes. An estate plan normally includes a Will, enduring power of attorney and the enduring power of guardianship.

Wills

For families with significant wealth, a positive legacy for children and grandchildren is often the most important goal, and let’s face it, we all want to be remembered for the happy memories, rather than for any mess we may leave behind.

Your Will determines how your assets will be distributed after your death and, if done well, sets your loved ones up for a bright future. We take the complexity and jargon out of the process, lead the conversation, and ensure that you avoid misunderstanding and conflict down the track.

Enduring Power of Attorney

Life is uncertain and it’s possible that at some point in your life, due to illness or an accident, you may not be able to handle your own financial affairs.

You will need to think through your options and ensure you appoint the right person. That’s where we help.

Enduring Power of Guardianship

If you lose mental capacity for any reason, it’s not just your money that needs looking after. An enduring power of guardianship enables you to appoint a trusted person to look after you.

Explaining testamentary trusts

A testamentary trust is a trust established by a Will and they can be very useful for asset protection, tax effectiveness and providing for minor children. The best thing about a testamentary trust is that you provide your future beneficiaries with many options around how your estate may be dealt with. Because the Trust is not established until death, there is no ongoing cost to having one in your Will.

Testamentary Trust for Young Children

This kind of trust enables an inheritance to be held on trust for a child until they are able to inherit the money in their own right. A child under the age of 18 can’t inherit, and in many instances, it is prudent to defer the inheritance until the child is ready to receive it.

A testamentary trust can be established to pass assets to a beneficiary at a certain age. For many people, 21 is seen as too young, and for larger estates, 30 is often considered appropriate.

Protective Testamentary Trust

Many people are simply not in a position to inherit large sums of money. In this situation, the Trustee provides for the care and lifestyle of the beneficiary who does not have access to the capital.

Another reason to use a protective testamentary trust is if a beneficiary is bankrupt, or where the beneficiary is in an occupation that has a high risk of being sued.

Insurance matters, too

Insurance is also a vital part of the family estate and legacy planning conversation.

Retirement Planning

If you’re approaching retirement and don’t yet use a financial planner, there is a very strong case for hiring one.

Business legacy

If you have business interests, it’s important to factor succession planning into your estate plan.

Talk to our family estate planning and trust advisers

We leave no stone unturned in our quest to enable you to live your best life. So, don’t leave the future to chance. Arrange a no-obligation conversation with our estate planning advisers and put your mind at ease.

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