Passing on your estate
Estate Planning is putting in place a plan that takes into consideration wishes of the testator in order to provide efficient and effective strategy to pass the estate assets to chosen beneficiaries.
Standard Will
For some people, a solicitor produced standard will is what they need to help ensure their estate is managed according with their wishes. Generally, if you have less than $300,000 in value of your assets and have an uncomplicated family structure with no children from a previous or current marriage, then the Standard Will might be satisfactory for you.
Comprehensive Will
If your family circumstances are more complex and/or your estate is of higher value, you might wish to ensure greater benefits, security and flexibility for executors and beneficiaries with three potentially crucial benefits.
Asset Protection
Tax Benefits
Control by blood relatives
Comprehensive Will has many other benefits, however it is complex and differs for each person and family due to personal circumstances.
Superannuation
Superannuation assets are not part of your estate, therefore not governed by your Will. You need to nominate your death benefit beneficiaries by advising your super trustee about your choice, however there are strict rules as to who you can nominate and how the benefit can be paid out to your beneficiaries. Also be aware that some of your beneficiaries might have to pay tax on your death benefit.
Yes, superannuation can be very complicated.
Other Legal Documents
Other legal documents you should have are:
Financial & Medical Enduring Powers of Attorney
You can nominate who can make financial and personal decisions on your behalf, when you are not able to make them yourself.
Enduring Guardianship
This is nomination to make lifestyle, health and medical decisions for you when you are incapacitated.
Since 2002 we have entrusted our financial planning and that of a late parent to Katherine. Her knowledge is sound and her advice is un-pressured and tailored to our current and future needs. Our peace of mind has only grown as has our trust in Katherine. She is ethically beyond reproach.
Bev & Phil Gale
Your journey to financial freedom for you and your beneficiaries starts here
Estate Planning is a very complex environment, therefore a specialised professional advise is recommended. A short two-hour conversation can give you lots of clarity and understanding of your choices and how to proceed with you legal planning so your wishes are met and your beneficiaries are looked after. My goal is to show you the options. It is much easier to make those difficult decisions if you really understand your choices.
“The unfortunate thing is that
most people transfer assets too late”
Avery Neumark
