Estate planning includes creating a plan for your affairs if you lose capacity to make decisions for yourself or pass away. Enduring Powers of Attorney, Enduring Guardians, Advanced Care Directives, Superannuation Death Benefit Nominations, Wills, Testamentary Trust Wills, Special Disability Trust Wills, and Deeds, are examples of documents which can be used to convey your wishes.
Consideration should be given to assets you cannot gift in your Will (including those you own as a joint tenant), assets you can distribute, assets you control (such as a company or trust), your Superannuation Death Benefit, and tax implications.
An estate plan can include:
- The appointment of executors of your Will
- The selection of attorneys/guardians to make financial, property, personal, medical, and medical research decisions for you.
- The nomination of a guardian for your minor children.
- A list of your assets and liabilities, including any insurances or superannuation policies.
- The distribution of your assets, asset protection for future generations, and business succession.
- Superannuation death benefit nominations.
- The appointment of someone to take control of your family trust or company.
- The names and contact details of your legal and financial advisors.
- If appropriate, access details of your digital assets, such as email accounts, to enable invoices and account numbers to be obtained so that your bills can be paid / assets properly identified.
- The re-homing of your pets.
- Burial or cremation wishes.
At Terracon Legal, we provide a bespoke estate planning service tailored to individual needs and circumstances. We also have extensive experience in commercial succession. As a result, we provide advice that reflects an understanding of these complexities - including risk assessment and mitigation in relation to family provision claims, blended family dynamics, superannuation, and how trusts and company structures can impact your estate plan.
Contact: estates@terraconlegal.com.au
Estate Planning Form: Download Estate Planning Form