Estate Planning

Estate planning involves much more than having an up-to-date Will. It is important to ensure that your assets are distributed in the most effective manner and without adverse tax consequences for your beneficiaries.

Estate planning involves considering what will happen to your assets upon the death of you or your partner or if you become mentally incapacitated and unable to manage your own affairs. You may want to consider how to structure your estate to ensure it is distributed according to your wishes and ensure your family’s interests are protected and tax effective.

As part of your estate plan, you will need to consider the following questions:

• Is your Will up to date?
• Do you have adequate life insurance?
• Are there any tax consequences of how your assets are distributed?
• Do you have a binding death benefit nomination for your superannuation? and
• Whether an enduring power of attorney and/or enduring guardian is appropriate for you?

If you own a business, you may also need to consider implementing appropriate business succession plans.