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Estate planning is an effective method of reviewing assets, considering how they’re structured, and determining how you would ultimately like your legacy and provision for those closest to you to be distributed. Not having these preferences made and updated can have devastating effects on those we love.
As specialists in this area of Financial Planning Hello Wealth advisers assist with formalising and updating clients’ wishes while working closely with a select team of skillful and compassionate solicitors.
The document that sets out how you want your estate to be managed and distributed after your death, including the appointment of a guardian for your children.
Without a will, management of your estate can be costly, time consuming and subject to state based legislation.
It’s important to have a valid will, reviewed regularly, to ensure it aligns with longer term intentions.
But while they may be effective for simple straight-forward estates, they don’t serve more complex estates as effectively. A will with a seemingly insignificant discrepancy, or lacking a residue clause to direct the distribution of assets not included in the original, can easily result in a costly legal process if contested.
If you were to become incapable of handling your affairs, control of your assets could revert to a person appointed by a court.
Hello Wealth advises granting an enduring power of attorney so that if you cannot manage your affairs someone you trust and have chosen to act on your behalf can make the necessary important decisions for your affairs.
An executor distributes assets after death – a complex process which involves applying to the Supreme Court for probate and gives them permission to execute your will; a difficult job if it involves setting up trusts and lodging tax returns.
Our advice?
Consider appointing a solicitor or using a trustee company and, regardless, ensure your chosen executor is willing and that you have nominated an alternate as a back-up and added layer of security.
A guardian can make decisions regarding where you live and your medical care if you lose the capacity to make your own decisions.
Hello Wealth recommends nominating a guardian you trust either before or as soon as any signs appear that you may need one.
Also known as a discretionary trust, this is a common structure used by small businesses to protect family assets and to share income among beneficiaries within the family group in the most tax-effective way possible.
It involves setting up a trust with a nominated trustee responsible for distributing the estate to nominated beneficiaries and can also be used to protect assets from dependants’ creditors or from those incapable of managing money.
Superannuation balance (benefit) is typically transferred to cash on notification of death and paid out to the nominated beneficiaries.
Also known as a discretionary trust, this is a common structure used by small businesses to protect family assets and to share income among beneficiaries within the family group in the most tax-effective way possible.
It involves setting up a trust with a nominated trustee responsible for distributing the estate to nominated beneficiaries and can also be used to protect assets from dependants’ creditors or from those incapable of managing money.
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DavidGordonLong Pty Ltd, [ACN 619 960 584], trading as Hello Wealth, is a Corporate Authorised Representative N: 1261139 of GPS Wealth Ltd ABN 17 005 482 726 AFSL 254 544.
Financial Adviser and Director, Anabel Reign is an Authorised Representative N. 340187 of Hello Wealth.
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Any advice contained in this website is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice in regard to those matters.
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Telephone: +61 2 8074 8599
E-mail: info@eastonwealth.com.au
Website: https://gpswealth.com.au/
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