Estate Planning

Estate planning can be defined as the planning and documentation of the wishes of a person for the distribution of all assets under the control of that person, following death. The important aspect of estate planning is that it deals not only with those assets owned by an individual personally but the assets that are controlled by that individual.

Traditionally, considerable emphasis has been placed on the processes of wealth creation and wealth maintenance. However until recent years, little emphasis has been placed upon wealth distribution after death. More recently the importance of the distribution and succession of wealth to future generations has been recognised and, as a result, estate planning has emerged as a vital part of an individual’s overall planning. Estate Planning is a managed and coordinated estate planning process revolving around the transition of your assets into a self-managed superannuation fund (“SMSF”), so that eventual control of your assets is transferred to your beneficiaries in accordance with your wishes and in the most efficient and tax-effective manner.

Our process is designed to work closely with you on the commercial implications and investment aspects of developing your estate plan.

We complete a structured review of all of your asset holdings and consider the restructuring initiatives required to be implemented to have the majority of assets held within a self-managed superannuation fund (“SMSF”).

This includes considering the broad aspects of control of entities, your income requirements in retirement, designing appropriate pension strategies, and understanding of your family group structure and their specific circumstances to develop family succession strategies.

Reviewing options / impediments to implementing your estate plan

We determine your options based upon the structural review of your asset holdings and what impediments, if any, exist to their implementation. This involves working with you confirming ownership of assets and liabilities, documenting valuation methods of assets owned by more than one party, undertaking a capital gains tax analysis in the event of triggering any buy/sell agreements, and considering insurance requirements.

Developing and /or updating legal documentation of your estate plan

We implement our recommendations and develop / update legal documentation required. Legal documentation / updates may include; updating your will, creating Living Wills, Enduring Power of Attorneys, Testamentary Trusts, and attending to legal aspects of an SMSF.