Estate planning

As you move into retirement it's important to have an estate plan in place. While a valid Will is the cornerstone of an estate plan, it is merely the first step. There are many other issues you need to consider, particularly as you get older. For example, formalising your personal health wishes so that, in the event you become mentally incapacitated, there is a record of your wishes.

Estate plan considerations

With an estate plan, you have the opportunity to:

  • establish a Power of Attorney. Powers of Attorney are designed to deal with your affairs while you are still alive. They enable you to appoint an individual (or trustee) to deal with your affairs if you become incapable of making your own decisions. Powers of Attorney can be as wide ranging or as limited as you require or desire.
  • establish an Advance Health Directive (NSW and QLD) or Medical Power of Attorney (other States) that allows others to make lifestyle decisions on your behalf. It provides detailed instructions in relation to your health care, including decisions on any treatment you wish to receive or refuse if you are incapable of communicating those instructions.
  • appoint a guardian for your children in the event you die before they turn 18.
  • make a binding or non-binding death benefit nomination in your super that allows you nominate the recipient of your super.
  • establish a testamentary trust to protect your assets and minimise tax.
  • think about how to deal with assets, such as assets held in trusts and companies, that are not covered by your estate.
  • consider a charitable giving program whether it be a one-off donation, setting up a charitable trust or private ancillary fund (PAF).
  • consider wealth transfer advice for the next generation.

To learn more about estate planning, take a look at our range of helpful guides and tools.

How we can help you

At Shadforth we can help you to plan your estate properly. We will work with estate planning specialists to ensure that your wishes are met, and that the efficient transfer of your wealth to the next generation is completed. So please contact us today and let's discuss how we can help you.

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