What is Estate Planning?

• To ensure ongoing financial security for you and your spouse during your lifetimes; and
• To secure a cost effective and seamless transition to your nominated beneficiaries after your death in such a way as to maximise the value of your estate.

• Obtaining an overview of your goals and objectives both during and after your lifetime
• Reaching an understanding of your assets, liabilities and affairs. It must be understood that many “assets” would not automatically pass under your Will, for example Superannuation, joint tenancies, businesses or investments held in Companies or Trusts will all need special attention.
• Reaching an understanding of the Constitutions and other documentation relating to any Company or Trust entities in which you hold assets or in which you may have an interest.
• Reaching an understanding of the financial and emotional needs of your family, dependants, business associates and other relevant parties and as to your level of concern in respect of those needs. This will be of concern especially in the case of blended families.
• Advising as to particular concerns about dependants who are vulnerable because of physical or intellectual challenges or other problems.
• Advising on techniques which might be used to quarantine assets for the long term benefit of family members notwithstanding that they may at some time in the future encounter problems such as bankruptcy or matrimonial disputes.
• Advising as to ways in which assets might be left for the benefit of your chosen beneficiaries in such a way as to minimise the effect of income, capital gains, or other taxes.
• Arranging for the preparation and execution of the documents required to give effect to the Estate Planning.

• Under the traditional form of Will where you are leaving assets to a Beneficiary who subsequently has financial or matrimonial problems, those assets will be at risk. This risk can be minimised or avoided.

• Clients sometimes want to leave assets to children who are young at the date of the Will. Unfortunately those children frequently encounter financial, emotional or other difficulties as they grow up and, depending on the individual circumstances, the benefit of those bequests can be totally lost. There are a number of ways in which these concerns can be minimised.

  The typical “one size fits all” approach to Will making would usually not cater for the particular problems or concerns both present or future of individual beneficiaries. For example a Will leaving a comparatively small legacy to a beneficiary who happens to be obtaining some form of pension could result in the loss of that pension.