Wealth Succession
We all strive to accumulate wealth, but have you thought about the succession of your wealth?
An Estate Plan is essential to arrange the succession of your wealth so that your family can reap the benefits of your hard work for their futures.
We can assist in the design and implementation of an Estate Plan. The aim of an Estate Plan is to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. We will help you structure a Plan so that your assets are passed to your beneficiaries with a minimum of tax and cost and you are protected from any claims made upon the estate by disgruntled parties.
If you don’t require an Estate Plan we can supply your lawyer with a brief to establish Wills and trusts, which are common ways to pass on wealth. Despite a Will being a simple document to prepare, many people die without having prepared one.
More Than a Will
We’ll also help you with:
- Powers of Attorney
- Medical directives
- Testamentary trusts
- Business succession planning
Estate Planning and Superannuation
Without sufficient planning, the trustee of your superannuation fund has discretion as to the treatment of any death benefits from your superannuation. A binding death nomination ensures your wishes are fullfilled in the payment of benefits to your preferred beneficiaries.
Implications for Self Managed Super Funds
As trustees and members, you effectively have ultimate control in the distribution of death benefits within your self managed super fund. It is important you prepare a strategy for the payment of benefits to chosen beneficiaries and incorporate the facilities to implement this strategy in your trust deed. It will be necessary to make preparations for the wind-up of the fund in the event of the death of trustees and members.
It is never too early to start thinking about an Estate Plan. Talk to us today.
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