Estate Planning Advice

Estate planning is a critical aspect to any financial plan, regardless of your age. It is important that your estate planning wishes are carefully considered and strategically planned to ensure that your money and assets are inherited by those you wish to receive them. In conjunction with this, our estate planning strategies will also consider any tax planning issues, to ensure your beneficiaries are not left with a large tax bill.

While Wealth21 advisers are not legal practitioners and therefore are not able to draft wills or establish powers of attorney, we can work with you to develop strategies to consider for estate planning. We can work in conjunction with the solicitors of your choice to draft wills, establish testamentary trusts and ensure the optimal solution for you and your family.

If you are looking for a local solicitor to assist you with your estate planning, McColm Matsinger Lawyers will be able to help.

General Information

Wills

While estate planning involves much more than merely preparing and signing a will, wills remain an essential part of estate planning. It is important that you have in force wills which are appropriate to your wishes, thereby avoiding dying intestate (that is, without a legal will) and the additional trauma this may cause to loved ones surviving you. It is essential to ensure your wills are up-to-date and correctly reflect your wishes. Superannuation assets do not form part of your will and therefore it is essential to ensure your Super Fund has a nominated an eligible binding beneficiary.

Power of Attorney (POA)

A Power of Attorney essentially gives legal authorisation to another person to act on your behalf. This ensures that if you are unable to handle your business, personal or medical affairs yourself, someone you have previously nominated and trust will manage them for you. There are three basic types of POA, these include:

• Enduring Power of Attorney – it is recommended that an enduring POA is established to cover all aspects of this issue. There are two types of Enduring POA, these include:
  • Financial – this gives permission to make financial and legal decisions on your behalf.
  • Medical – this gives permission to make decisions regarding your medical treatment on your behalf.
• Enduring Power of Guardianship – this gives permission to make personal, lifestyle and medical decisions on your behalf.
• General Power of Attorney – this gives permission to act on your behalf in limited circumstances.

Testamentary Trusts

• To arrange the dispersion of complex investment structures;
• To protect the assets held within the trust from third parties, such as creditors or disgruntled relatives;
• To control the timing of asset dispersion; or
• To obtain certain tax benefits by dispersing assets to those with lower assessable income.

The above information is general in nature and should not be acted upon without seeking legal advice. We are not authorised to provide you with any legal advice. Before making any estate planning decisions, you may wish to seek independent, professional legal advice specific to your financial situation and objectives.