Estate Planning

Protection for your loved ones into the future

It’s no secret that the best way to create and keep wealth is to plan for it. However, just as important as securing your finances now is planning for the security of your estate. No-one wants to put their family at risk simply because they neglected to take the right steps.

Estate planning is an extension of financial planning, but instead of securing your future in the long term it focuses on how to protect your family and assets should the worst happen today.

Some questions to consider

What can I do to look after my family if anything happens to me?
There are a number of factors to consider here, some of which include:

• Your family’s needs
  Your family may need to meet the mortgage repayments and put food on the table. You will also need to consider any invalids or children depending on you for day-to-day care.
• Protection of intended beneficiaries
  Even under the best circumstances, it could take quite some time to administer your estate. During this time, your dependants could be left out of pocket, or unable to pay their bills. Preparing for these kinds of things now will make it easier on your family in a stressful time.
• Next generation planning
  Your estate plan can establish a trust under the administration of a responsible trustee. This way you can make sure your children have a regular income, while still setting aside money for specific purposes such as school fees.

What can I do to take care of my business?
If something happened to you, is there someone with the right experience and knowledge to take over? You will need to ensure your records and files are easy to find. Remember, this affects your employees’ livelihoods as well as your family’s.

What should I do about my superannuation?
The exact conditions under which your superannuation may be transferred to another person depends on your fund’s trust deed and its trustees. It’s essential to make sure your plan suits your circumstances.

 How can I make the most of my assets?
 Some factors to consider here are:

• Wealth transfer
  An estate plan may help reduce your estate’s potential tax burden and free up more money for your beneficiaries.
• Protection of assets
  Almost all of your assets will require some kind of management during the administrative period and possibly afterwards. A qualified adviser and trustee to look after your assets can be very important.
• Growth strategies
  To protect the real value of your estate for the benefit of your beneficiaries, regular portfolio reviews by a professional are essential. This is particularly important during the course of the administration of your estate and for term trusts.

What about giving to charities?
More and more Australians want to give something back to the community in the form of a charity bequest. Visit Trust Philanthropy Services for more information about the best way of maximising your donation so that it helps as many people as possible.