Estate Planning Advice

Our team has expertise in a wide range of estate planning strategies including superannuation, wills, power of attorney, and trusts which allows us to create tailored succession plans which achieve the outcomes you want.

We have the important conversations needed to really understand what is important to you and how best to transfer your wealth to the next generation and/or make philanthropic contributions. The right actions now can save your family a lot of uncertainty and headaches later and that the value of your estate is not eroded unnecessarily due to tax and other expenses.

Before you start planning your estate, it’s important to understand the way different assets are treated and the options available to you which include:

• Estate assets
• Non-estate assets
• Superannuation
• Insurance policies

How do I know if I need a personal succession or estate plan?

A common misconception is that personal succession and estate planning is only for older people or those with a lot of wealth. However, there estate planning implications for pretty much every asset you have regardless of the ownership. It goes a long way to looking after those you care most about after you are gone, and unfortunately we don’t always have a warning when our time is up. Estate planning is simply a part of good financial hygiene.

It doesn’t need to be complicated and getting the basics in place as a foundation has significant benefits. The basics that individuals prioritise having in place are:

• Valid and current Will
• Advance Care Directive
• Enduring Financial Power of Attorney
• Appointment of Medical Treatment Decision Maker
• Appropriate superannuation and insurance beneficiary nominations
• Appropriate arrangements and supporting documentation in place to pass on control or distribute any assets that aren’t part of your estate.

The benefits of a well constructed personal succession plan

While you won’t be around to see the benefits, you will be creating significant benefits for those you care about. What we hear from clients is that it provides peace of mind that they have this together, and not creating headaches for their loved ones. Common benefits include the following:

• Confidence that your children will be taken care of with appropriate guardians.
• Greater certainty on what assets go to who.
• The timing of certain assets being controlled in the case of younger beneficiaries.
• Reducing the amount of your estate lost via tax payable.
• Reducing the risk of your estate being successfully challenged.

What are the risks of NOT having an estate plan?

• You risk your wishes not being carried out.
• Intended beneficiaries may receive less than they could have with an appropriate plan in place.
• Dying without a valid Will, you die intestate. There is specific legislation which dictates how your estate should be divided and distributed. This differs depending on where you live, as the laws of the state or territory will decide how their estate is administered. This may not align with what you would have wanted.
• Not having a valid super or life insurance death benefit nomination means that you are leaving it to chance as to who receives the proceeds. This issue can be compounded if you also don’t have a valid and appropriate Will. The benefits that you have accrued or have been paying premiums for, may go to unintended recipients.

Pekada can then provide the necessary advice to put in place appropriate strategies which are designed to achieve your objectives in a tax-effective manner. Our role can also include facilitating and project managing specialist legal and tax professionals where appropriate.

Book a meeting with us today to discuss your estate planning requirements.