Do you know how many aspects of your life can be touched by estate planning?
Almost your entire life. We are not exaggerating. The list includes your family, friends, pets, home, job, travel and much more.
If you are wondering whether you need Estate Planning consider these questions:
Do you want to choose who should share your wealth at the time and in the manner you want to?
The Answer depends on:
- Your need for security;
- Whether you wish to protect your spouse, children and/or other family members
- Whether you wish to provide your beneficiaries with tax flexibility
Here are some examples of issues that may arise if Estate Planning is not clear or thorough:
- Who looks after your minor children?
- How will your children’s/grandchildren’s education be funded tax effectively?
- What about your children’s/grandchildren’s relationships fail or they get sued?
- How can you provide for your spouse but also protect your children (re-partnering/previous relationships)
Good Estate Planning means you achieve flexibility, tax efficiency, and asset protection. It also allows that you address relationships between beneficiaries sensitively.
Just a Will is no longer enough. Estate Planning should comprise the following documents:
- Will (often with Testamentary Trusts)
- Superannuation Nomination
- Enduring Power of Attorney
- Appointment of Enduring Guardian
- Statement of Wishes
When you meet with one of our experienced estate planning team members, we help you identify all issues and distinguish those that need to be addressed during your lifetime, on your retirement or on your death. Our holistic approach to your estate planning enables us to recommend estate plans and structures that achieve tax efficiency and flexible solutions in a way which provides asset protection pursuant to your wishes and philosophy.
We know that you have the best of intentions. We know that life can get complicated and that you (and your family members) may be busy and you are time poor but it is time to take your estate planning out of the “too hard basket” and contact the experienced members of Aitken Lawyers’ Estate Planning team on (02) 8987 0000.