The estate planning process involves planning and documenting your wishes for after your death.
Effective estate planning ensures that your family and beneficiaries receive the full benefit of your estate distribution (including assets) strictly in accordance with your predetermined wishes and without excessive fees, taxation liabilities or disputes between those remaining after your death.
A failure to engage in effective estate planning can have adverse consequences such as the distribution of your estate assets in way that was never intended, payment of excessive fees and taxation liabilities and disputes among your family members and others claiming to be beneficiaries of your estate, which can result in costly litigation and pose a risk to your estate asset pool.
The fundamental issues which ought to be considered in estate planning include (without limitation):
family law issues (particularly potential exposure to claims made by spouses or partners of children)
income tax and capital gains tax consequences of the disposal of assets by beneficiaries
claims made by family members contrary to a will-maker’s wishes
other revenue issues such as transfer (stamp) duty
ownership and control of assets
protection of beneficiaries
taxation consequences associated with your transfer of assets
providing for family members in special circumstances
providing appropriate mechanisms after your death, for the ongoing administration of the assets in your estate for the benefit of the people you wish to benefit
There are a number of ways these issues can be addressed.
Prestige Legal & Corporate Services provides bespoke business succession and estate planning advice and services to individual business owners and their families including:
binding death nominations and agreements
establishing & advising on the legal & taxation aspects of self-managed superannuation funds
preparation of estate planning agreements
reviews of existing arrangements
establishment and variation of trusts
wills and powers of attorney