Estate planning is more than just having a Will.
There are a range of ways to implement your estate planning to ensure that the wealth that you have worked hard to accrue during your lifetime is transferred to your beneficiaries on your death, in a tax-effective manner and in a way that can also provide them with asset protection.
There are also other documents that you need to consider putting in place that will assist with decision making for you in situations where you may not be able to make those decisions, such as illness or in your absence.
Everyone’s estate plan is different and it is important that the documents that are drafted are customised to your individual needs and tailored to maximise the benefits your beneficiaries can receive.
Any entities and structures you may have, such as companies and trusts, need to be included as part of your personal estate plan, plus any business succession planning as well as your superannuation.
What makes up an Estate Plan?
There are three main things you should consider as part of your personal estate planning, in addition to your superannuation and personal insurances:
A Will is a legal document that details who will take care of your assets and distribute them on your death in accordance with your stated wishes.
Power of Attorney
Who would make decisions about your finances or assets if you were unable to (such as if you are in a coma, are unconscious or suffer from mental incapacity such as dementia?). You can appoint an Attorney to be able to manage your affairs.
Appointing an Enduring Guardian
Who would make decisions regarding your medical and dental treatment and where you live if you are permanently or temporarily incapable of doing so? If you don’t nominate somebody as your enduring guardian, then NSW Civil & Administrative Tribunal (NCAT) can appoint a person to make those decisions, which can include what medical treatment you get or if life support is not maintained.
Take control of your estate planning and have a discussion with your Solicitor about your estate planning today. It is far too important to ensure your wishes are adhered to leave these important decisions up to others.
Source: McKillop Legal
McKillop Legal is a boutique, family owned and operated legal practice based in the Sutherland Shire, NSW. We are expert in estate planning, business succession and commercial issues that impact on you, your family and your business interests.