A Will generally only deals with the distribution of assets personally owned by you. If your needs are more complex an effective Estate plan includes tax effective Wills to protect your estate and the interests of your beneficiaries in the event of your death.
Estate planning is more than just making a plan to distribute certain assets to certain people. A complete estate plan will allow you to retain control of your assets and to determine who will make decisions on your behalf should you become unable to in the future. Jointly held assets, trust assets and superannuation are not necessarily dealt with by the terms of the Will. These are usually considered ’non-estate’ assets for estate planning purposes. It is therefore important to have a considered and comprehensive estate plan to ensure all assets are transferred according to your wishes in the most effective and efficient manner.
Estate planning includes:
- Will preparation
- Appointing an Executor of the Will.
- Determining whether a Power of Attorney is required
- Who should be appointed as Power of Attorney.
- Establishing a discretionary trust(s).
To Consider an Estate Plan depends on:
- If you have sizeable assets and the personal circumstances of your beneficiaries require the creation of more complex trusts within your Will.
- Your investment or business structures are complex and may include a family discretionary trust, a self managed superannuation fund or a private company.
- You wish to minimise the tax liability of your estate or your beneficiaries by superannuation or testamentary trusts.