Self-managed superannuation funds (SMSFs) and estate planning offer great benefits...
Estate Planning Advisors in Brisbane
The nuts and bolts of planning your estate.
- Tailored estate planning solutions for your existing structure
- Guidance through even the most stressful situations
- Protect your family’s wealth, even after you’re gone
Solid planning is what holds together the future of your estate like nuts and bolts. So when our clients trust us to assist in their estate planning, we recognise the importance of our task at hand. We work with experienced, reliable estate lawyers on behalf of our clients to ensure detailed and accurate Wills and Enduring Power of Attorney are put in place. This gives you both peace of mind and security.
We drive the process to ensure that all advice you receive fits in with your existing structures. Our main goal is to protect your family’s wealth after you have gone, so we’ll deliver above and beyond the call of duty.
Testamentary Trusts Who, What, When?
Through the preparation of a Will, when appropriate we ask for Testamentary Trusts to be put in place which are a tax effective tool for both distributing and protecting your wealth. However, we only implement a testimony trust where it is truly appropriate. Our advisors will be more than happy to talk you through this process when you start planning for your estate, and to develop structured succession planning options.
Superannuation Estate Planning Service Professionals
Nowadays, there is a huge link between superannuation fund planning and estate planning. In fact, you cannot properly contemplate one without a complete understanding of the other. We apply our knowledge and understanding of estate planning and superannuation planning to each of our client’s circumstances. We are fortunate enough to have a vast amount of knowledge and experience surrounding both aspects, which results in our clients receiving a robust, complete and appropriate strategy for their estate planning.
Estate Planning Structuring Solutions in Queensland
Sometimes we can’t foresee, or don’t want to foresee, the passing of our parents. Our specialists have the personal approach and experience to resolve the issues that occur following these events. We know when issues are likely to occur and we know why. Our estate planning team can guide you through this tough experience and relieve stress as and when they can.
This content has been prepared to provide you with general information only and has not taken into account your personal objectives, financial situation or needs. It does not contain and it is not to be taken to contain Personal Financial Advice. Before making any financial or investment decisions, you should seek advice from an appropriately licenced or authorised financial advisor.
The content was prepared by UHY Haines Norton. AFS Licence No. 483056
Estate Planning FAQ's
Estate planning ensures your wealth is efficiently transferred in accordance with your wishes. A well-defined plan for your wealth will reduce the strain on your loved ones at the time of your passing, and peace of mind about the future. An estate plan centers around a will, but ideally it extends to all the essential elements of your legacy, including naming guardians for dependents, limiting estate taxes, charitable donations, naming beneficiaries and setting up powers of attorney.
It’s a good idea to periodically review your estate plan to ensure key details are current. You should update your estate plan if there have been changes to details of listed agents, new family members, marital status changes, business interests, significant shifts in asset volume or change of insurance providers.
Getting your affairs in order looking after the people you care about most when you’re no longer able to. It often gets put off for more urgent things, however good planning significantly benefits your loved ones latter down the track. Our estate planning specialists will ensure your wealth is well structured and secure. Please contact our Estate Planning Specialist Partners Lauren Steinheuer and Dean Vane for a free consultation.
An estate planner projects himself / herself forward to a time when the current patriarch or matriarch or both have passed away. An estate planner then contemplates who will control or own the active business and the passive investments; and how they will do that. An estate planner also thinks about the income that will be generated by the estate assets, and who should receive that income. Then, using wills, trust deeds, superannuation fund deeds, and company constitutions, and a lot of intelligence, the estate planner will set a course to achieve all of these outcomes for the matriarch, patriarch and their family.
Financial planners tend to deal with, and make recommendations on, investments in passive assets (such as shares in publicly listed companies / trusts, property, cash and bonds). Estate planning deals with all of the assets or all of the wealth (i.e. active businesses, homes, superannuation fund entitlements, and investments in passive shares and the like). Unless they hold an FSL license, an estate planner is not going to give a specific investment recommendation.
With purer estate planning you don’t advise on what to invest in. The lines can get blurred after death as the estate plan starts to get implemented and financial planners inevitably get involved with trustees and executors.
A will deals with the assets of the individual – only. An estate plan deals with all assets, including superannuation assets, assets held by companies, trusts and partnerships as well as the assets of the individual. Estate planning deals with the ongoing (beyond death) ownership and control of these assets.
A Will is a legal document that is enforceable by law. An estate plan includes a Will but goes so far beyond this and deals with all structures and assets controlled by the individuals the plan relates to, but, the estate plan itself may not be enforceable by law. It is not usually just one legal document like a Will is.
There is no rule that says you can’t do your own Estate Planning. It depends on your legal skill level, commercial knowledge and ability to facilitate and manage the members of your family and your businesses. We have clients who have all of those abilities. Interestingly though, most of those smart clients are the ones that ask for the most estate planning advice. It is almost as if “… the more you know, the more it is that you realise you do not know”.
It is possible to do your own estate plan but usually not advisable as you are too close to the situation. It is kind of like a Dr not treating their own family members. An individuals bias may cause them to not look at the entire picture with the right perspective and thus make judgements that lead to unintended outcomes.