Estate Planning

Estate Planning is about deciding who you would like to make decisions for you if you become incapable, who you would like to care for your young children if you pass away and how you would like your assets, sentimental items and money to be distributed after you die. An estate plan has the following elements:

• Will

• Power of Attorney

• Advance Care Directive

• Superannuation nominations

• Testamentary trust

• Estate planning ‘black box’

No one really wants to think about worst case scenarios, but by setting up an Estate Plan you’ll be helping your loved ones to make decisions in difficult situations and making sure that your assets are distributed as you think best.

Making an estate plan is a complex process and there could be legal and tax implications if things are not set up correctly. I suggest you work with a lawyer who specialises in estate planning, and your accountant to prepare a specific plan for your needs.