The right funds, in the right hands, at the right time
Estate planning involves implementing a strategy which aims to manage the distribution of your assets when you die. This is achieved through a Will. Estate planning also involves a consideration of appropriate ownership structures such as the potential use of a company or trust to hold your current assets and assist in providing for your family or other dependants after your death. A thorough estate plan also considers insurance protection and how your superannuation benefits are to be paid after your death. Estate planning may also involve identifying and appointing another person to manage your affairs whilst you are still alive if you lose the ability to manage them yourself.
How CA can help?
A Will sets out how you want your estate to be managed and distributed, after your death. Without a Will, management of your estate can be costly, time consuming and must be distributed according to state-based legislation, rather than as you decide.
Enduring Power of Attorney
If you were to become incapable of handling your affairs, control of your assets could revert to a person appointed by a court. It would be more useful if you had an Enduring Power of Attorney set up now so that if you cannot manage your affairs, someone you trust and have chosen to act for you, can make the important decisions affecting you and your affairs
Establishing a discretionary testamentary trust provides the trustee with flexibility to decide who receives distributions, how much they receive, and when.
Superannuation death benefit nomination
This type of nomination is binding on the trustee of the fund. This means that the trustee must pay the nominated beneficiaries as directed by you, provided your nominated beneficiaries qualify as dependants at the relevant time. It is always better to be safe than sorry.
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Carole was fantastic throughout the process of restructuring our loan. She got us a great deal and explained all the features and how we could use them. I had plenty of questions along the way and Carole answered them promptly and simply. I would recommend Carole to anyone seeking a new mortgage or financing an existing loan. Ben Harper, Nestle – Demand & Supply Planning Manager