Estate planning is all about ensuring your loved ones are protected and looked after when you are no longer around, and that your assets that you’ve spent your life working so hard to build up are distributed to the right people for the right reasons at the right time and with the best benefit and the best outcome.
Having the right estate plan in place gives such peace of mind, can avoid costly and irreparable family disputes, can deliver clever tax savings, puts in place the right executors and trustees, and properly documents gifts and legacies.
The key components of an estate plan
The bedrock of any estate plan is a good Will but there are usually many other elements, the most common include:
- Testamentary Trusts
- Discretionary and Protective Trusts
- Enduring Powers of Attorney
- Enduring Powers of Guardianship
- Advance Health Directives
A complex area of law, one you need to get right
Estate planning sits within a complex legal and societal landscape these days. This is because Australian family structures are more complex than ever before, and the assets we hold are more complex with superannuation, sophisticated business structures and interests, family trusts and investments all needing different considerations. And we’re not just the ‘lucky country’ anymore, we’re also wealthier than ever – a recent report suggesting the stakes have never been higher with $3.5 Trillion in assets to pass from one generation to the next in the next 15 years in Australia.
Properly drafted and considered estate planning can prevent disputes and give you incredible peace
of mind knowing that tomorrow is well taken care of.
On the other side of the coin, the perils of no estate planning, or a poorly drafted or an inadequately considered Will are fertile ground for protracted and expensive litigation, family heartache and a disastrous legacy no one would want to leave behind. Strong legal advice and guided, open conversations with your family and those around you are key.
We are highly experienced and highly regarded when it comes to wills and estates, succession and inheritance law, regularly featuring on the top of the prestigious peer-voted Doyle’s Guide annual rankings. Our legal advice and strategies help our clients create, preserve, transfer and, govern their wealth, to ensure their loved ones are properly provided for and well protected – we strive to ensure our clients leave the right legacy in place.
The importance of estate planning
Book your free 15 min consultation
Discussing your situation over the phone is often the best way to start, and we’re pleased to offer all new and existing clients a free 15 minute phone consultation for every new matter. It’s a great opportunity to let us know more about the assistance you’re looking for, clarify your situation and walk you through how best we can help and what’s involved.