Estate planning

What is Estate Planning?

Estate Planning involves managing the transition of wealth between generations. This may require setting up
Wills, Powers of Attorney, and possibly Testamentary Trusts in order to ensure your assets are dealt with in
accordance with your wishes.

What is a Will?
Your Will is a legal document that directs how your estate assets are to be distributed amongst your nominated
beneficiaries. You are required to nominate an Executor in your Will. The Executor has the duty of carrying out
your wishes in your Will and is granted power to administer the estate.

Our Recommendation
Meet with a solicitor as soon as possible to establish valid Wills.
What is a Power of Attorney?
Granting a Power of Attorney means that you legally appoint a person or organisation to make decisions, sign
documents and act on your behalf in various matters. A Power of Attorney generally ceases when you suffer a
loss of mental capacity. This can be overcome by using an Enduring Power of Attorney which does not cease
upon loss of mental capacity.
An Enduring Power of Guardianship provides the power to make personal and lifestyle decisions for you should
you lose mental capacity. It is important to note different states have different ways of dealing with medical and
lifestyle decisions for a person mentally incapacitated.

Our Recommendation
Meet with a solicitor as soon as possible to implement:
o

Enduring Powers of Attorney

Enduring Powers of Guardianship

Documentation dealing with medical decisions

What is a Binding Death Nomination?

Your superannuation does not form part of your estate and therefore cannot be disposed of via a Will.
A Binding Death Nomination is a written declaration to the trustee of your superannuation fund
outlining who you wish to be the beneficiary for your superannuation entitlements in the event of your
death.

Our Recommendation
Establish Binding Death Nominations via your superannuation funds as soon as
possible.
What is a Testamentary Trust?
A Testamentary Trust is a trust created pursuant to your Will. Testamentary Trusts may assist to
distribute your estate to your beneficiaries in a more tax-effective manner and may reduce the
likelihood of a successful challenge to your Will.

Our Recommendation
We believe your personal circumstances may be suitable for the use a Testamentary
Trust. Meet with your Solicitor as soon as possible to determine the suitability of
establishing a Testamentary Trust.

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