Estate planning

Effective estate planning ensures your wealth is transferred according to your wishes in the most financially efficient and tax effective way. 

Estate planning incorporates:

• Preparation of Wills and financial Powers of Attorney
• Preparation of medical Powers of Attorney/Guardianship and documents relating to lifestyle issues
• Specialist estate planning advice, including tax planning and advisory services
• Superannuation death benefit strategies, such as binding death benefit nominations and child allocated pensions
• Using trust structures such as testamentary trusts to provide beneficiaries with asset protection and taxation advantages
• Strategies for passing the control of family trusts or private companies to beneficiaries.

Superannuation, trust assets and jointly held assets cannot in most cases be dealt with in the terms of the Will. These assets are generally referred to as Non-Estate Assets. It is therefore important that a comprehensive estate plan is in place to ensure all assets you own or control are transferred in the most effective and efficient manner.

Your Will

Having an up to date, valid Will helps to ensure that your wishes are carried out after your death and your assets are distributed to your beneficiaries as quickly as possible. Whenever there are changes to your financial structure, marital status, family situation or your wishes, your Will needs to be reviewed. We recommend that your Will is reviewed every two years.

Your Enduring Power of Attorney

Preparing for the financial management of your affairs should you ever become incapacitated from an accident or illness is very important. An Enduring Power of Attorney allows you to make a choice in advance as to whom you will trust to protect  your wealth if you are no longer able to manage your affairs. We recommend that you have an up to date Enduring Power of Attorney so you are confident that someone of your choice can take over the management of your financial affairs in conjunction with your financial adviser.

Your Medical and lifestyle needs

Preparing for the management of your medical and lifestyle needs should you ever become incapacitated from an accident or illness is also very important. Appropriate documentation will allow you to make decisions as to whom you will trust to protect these needs if you are no longer able to make decisions.

Each Australian state has variations in requirements as to the form and execution of an Enduring Power of Attorney and documents relating to Medical and lifestyle needs. Your solicitor and/or estate planning specialist should advise you on any specific state based issues which may be relevant to you.

We recommend the following action be taken regarding your estate planning:

Effective estate planning involves teamwork, drawing on specialist advice in Wills & Powers of Attorney, deceased estate administration, superannuation, taxation and financial planning to provide you with a complete financial solution.

Overall, our recommendation to you is:

• Ensure you have a current estate planning strategy
• Ensure you have a Will in place which meets your needs and circumstances
• Ensure you have an Enduring Power of Attorney in place.
• Ensure you have appropriate documentation to cover your Medical and lifestyle needs 

Who should you see regarding estate planning?

Estate planning is a complex and specialised area and requires expert professional advice.  Your solicitor will be able to assist you to arrange your affairs provided he or she is an estate planning specialist. If you do not have a solicitor, we recommend that you contact the law society in your state for an appropriate referral.

We recommend the following action be taken regarding your estate planning:

Effective estate planning involves teamwork, drawing on specialist advice in Wills & Powers of Attorney, deceased estate administration, superannuation, taxation and financial planning to provide you with a complete financial solution.

Overall, our recommendation to you is:

• Ensure you have a current estate planning strategy
• Ensure you have a Will in place which meets your needs and circumstances
• Ensure you have an Enduring Power of Attorney in place.
• Ensure you have appropriate documentation to cover your Medical and lifestyle needs 

Who should you see regarding estate planning?

WeCoachWealth Financial Services Pty Limited, can refer you to our preferred estate planners who are able to provide you with estate planning services through a specialist estate planning professional.

For further information on estate planning or to arrange an appointment please do not hesitate to contact John McAuliffe on 07 38481088.