Estate Planning is more than simply making a Will, though this is an integral part of any estate planning exercise. Proper estate planning must take into account:
- an assessment of the overall assets of the client, including those assets held in superannuation funds, trusts, life policies or in related companies
- possible reorganisation of a client’s affairs to streamline the passing of assets to a spouse and future generations
- restructuring to take into account capital gains and other tax considerations
- strategies to minimise tax, to protect superannuation and pension entitlements and the control of assets
- advice to a client regarding possible claims against the estate under the Family Provision Act by persons claiming the deceased had a responsibility to provide for them.
- protection of assets against creditors or other risks relating to beneficiaries.
Proper succession planning may involve:
- a well planned Will and possibly a testamentary trust
- a binding nomination specifying the beneficiaries entitled to the proceeds of a superannuation fund on death
- the nomination of an appointor or guardian of a family trust to control the trust after the testator’s death
- alteration of controlling shares in the family company
- asset transfer to avoid the impact of capital gains or income tax
- risk management and asset protection techniques designed to minimise or avert the impact of divorce, bankruptcy or death on a client’s estate.
Our services in this area include the provision of advice on:
- drafting Wills and structuring testamentary dispositions
- establishment and reorganisation of trusts
- establishment of superannuation funds
- capital gains and income tax advice
- powers of attorney (both enduring and non-enduring powers of attorney)
- probate applications and administration of estates
- executorial and trustee services