Wills & Estates

Our Wills & Estates Services

Ensuring a secure future for yourself or your business requires proactive planning, particularly regarding the eventual transfer of ownership due to selling, retirement, or health concerns. A carefully crafted succession plan not only facilitates a seamless transition for you but also safeguards the interests of your family or employees, while minimising the necessity of selling the business upon your departure.

Our Wills & Estates Sevices Include:

Estate Planning

Estate planning goes far beyond the creation of a simple will. It is a strategic process designed to ensure that your assets are distributed according to your wishes while minimising risks and taxes. Our estate planning services include:

• Assessment of Assets: A thorough review of your current financial and personal assets (real estate, investments, superannuation, insurance, etc.) to identify how best to structure their distribution and protection.
• Advice on Possible Claims: Identifying potential risks, such as claims against the estate from third parties, including estranged family members or creditors, and providing strategies to mitigate those risks.
• Protection of Assets: Using trusts and other mechanisms to protect your wealth from claims, taxation, or mismanagement, ensuring your estate is safe for future generations.

Periodic Reassessment of Estate Plans

Estate plans are not set in stone. As life circumstances evolve, so too should your plan. We offer ongoing estate plan management and reassessments when significant life events occur, including:

• Marriage or Divorce: Updating your estate plan in response to changes in your marital status to reflect new relationships and responsibilities.
• Changes in Family Assets: Adjusting your plan to account for growth, liquidation, or reallocation of assets as your financial situation evolves.
• Business Transactions: Managing the complexities of buying or selling a business, including updating your estate plan to reflect ownership changes or succession planning.
• Superannuation, Insurance, or Tax Law Changes: Ensuring that your estate plan is updated in line with changes in superannuation, insurance policies, or relevant tax legislation that may impact your estate.

This ongoing process ensures that your estate plan remains current and aligned with your goals, no matter how your personal or financial circumstances change.

One of the key tools in estate planning is the discretionary trust, which allows for greater flexibility in the distribution of assets. We assist in the establishment of discretionary trusts, which offer the following benefits:

Establishment of Discretionary Trusts

• Asset Protection: Protect your wealth from creditors, litigation, or potential future claims.
• Tax Efficiency: Minimise tax liabilities by distributing income from the trust in the most tax-effective manner.
• Flexibility for Beneficiaries: Provides the flexibility to choose beneficiaries and determine the distribution of assets at the trustee’s discretion, adapting to family dynamics over time.

Enduring Power of Attorney and Powers of Attorney

Planning for incapacity is a crucial part of estate planning. We assist in the creation of Enduring Powers of Attorney and Powers of Attorney, which ensure that your financial and medical affairs are managed by someone you trust, should you be unable to do so yourself.

• Enduring Power of Attorney: Appoints a trusted individual to make decisions on your behalf regarding your personal and financial matters, even if you become mentally incapacitated.
• General Power of Attorney: Grants authority to manage specific aspects of your affairs, typically for a set period of time or for a particular purpose (e.g., during travel or while incapacitated temporarily).

These documents ensure your affairs are managed according to your wishes, avoiding the need for court intervention if you lose capacity.

Advance Care Directives

An Advance Care Directive (also known as a living will) allows you to clearly state your healthcare preferences should you become unable to communicate your wishes. Our team helps you:

• Outline your wishes regarding medical treatment or end-of-life care.
• Ensure that your healthcare providers and family are legally obligated to respect your decisions.
• Create legally-binding documents that provide clarity and peace of mind for your loved ones.