Why do you need Estate Planning?

To ensure peace of mind, and to make sure that the investments you make now are passed on to your family, or beneficiaries in the most effective way.

An effective estate plan will ensure that:

  • Any tax payable is minimised
  • The ownership of assets are passed to the right beneficiaries
  • The assets are protected in the event that any beneficiary has any legal issues

Wills

  • Review your will when circumstances change.
  • Legal requirements must be met for a will to be valid.
  • Considered appointment of will’s executor.

Enduring Power of Attorney (EPA)

  • Formally appointing someone else to act for you, when you are unable to do it yourself.
  • Financial EPA takes care of any financial or legal decisions.
  • Medical EPA makes any decisions about medical treatments.
  • Always obtain legal advice to avoid pitfalls when appointing a power of attorney.

Consider a Testamentary Trust

  • Marginal rates of tax for everyone under 18 – Kids get up to $18,200 income tax free.
  • Reduced likelihood of claims against the Estate
  • More flexible capital gains tax and stamp duty
  • Income flexibility – reduce and spread the burden of tax
  • Protecting the Estate from unjust claims
  • Giving assets to your kids over time