Services
03. Estate Planning Advice
Protect Your Estate
For Your Family And Loved Ones
Estate planning is a subject we often don’t like to think about. But careful planning is vital for a safe and smooth transfer of your wealth to your loved ones. An effective estate plan will pass on the assets you worked so hard to acquire without burdening your beneficiaries with unnecessary taxes or unclear endowments.
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DETERMINE THE FUTURE OF YOUR WEALTH
Estate planning lets you choose how and when your wealth should be distributed to your loved ones. It gives you control over your legacy. It will also determine how your assets will be managed if you become unable to take care of them.
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MINIMISE TAX
When your estate is passed on, your wealth may be taxed in a number of different ways, including capital gains tax, and tax on income your loved ones will generate from their inheritance. An effective estate plan will minimise these taxes, so your beneficiaries keep more of their inheritance.
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PROTECT YOUR BENEFICIARIES’ INHERITANCE
A careful estate plan will protect your beneficiaries’ inheritance in the event of a divorce or bankruptcy. It can also ensure that your assets will transfer to your loved ones smoothly and reduce the risk of family disputes.
Creating Your Estate Plan
When creating your estate plan, here are some of the things we can help you determine.
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Power of Attorney
A power of attorney will allow someone you trust to make decisions about your financial and legal affairs if you are unable to. It’s important to prepare this in advance.
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Appointing an executor
An executor manages the distribution of your estate, from making funeral arrangements to distributing assets in line with your will. The role of executor is important, so it’s vital to select someone appropriate.
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Establishing a testamentary trust
A testamentary trust is a common type of trust used to pass on an inheritance. This kind of trust provides greater control over the distribution of your assets, and can reduce the tax that your loved ones pay on their inheritance. It is also useful when passing your wealth to someone who is very young and can’t manage their inheritance on their own.
HOW WE CAN HELP
Estate planning is part of creating a robust financial plan for the future of your wealth. We work closely with Rising Sun Australia Lawyers, who will create an estate plan tailored to your wishes.
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This estate plan will determine your power of attorney, create financial structures to protect your assets, and control how your wealth will pass on. It can also ensure that legal entities you manage, such as your family business or Self-Managed Super Fund will pass smoothly to the control of people you choose and trust.
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We also make sure your estate plan and investment structures are integrated into your overall financial plan, so that you can continue to securely enjoy and grow your wealth with peace of mind.