Estate Planning

Do you have your Estate Plan in order?

Do you know that you have the right tools in place to make sure your assets are distributed upon your death according to your wishes?

Estate Planning ensures the wealth you’ve built over your lifetime is distributed to your beneficiaries in the most financially efficient and tax effective way.

Many people think Estate Planning is having a Will, either drawn up by your solicitor or using a DIY Will Kit. This is not so. And, in many cases a Will on its own, or worse, a poorly drafted Will, may have ‘cracks’ or ‘holes’, leaving your beneficiaries (and sometimes people you would not consider your beneficiaries – an ex-daughter or son-in-law) fighting it out in court over your hard-earned money.

Unlike Wills, estate planning involves the distribution of all your assets, both estate assets and non-estate assets. These will have different considerations when it comes to the Will and how the assets are passed on to whom you wish.

At Total Wealth Management, we work closely with your solicitor in order to arrange the best financial outcome for your beneficiaries.

Estate Planning considerations may include:

  • Wills
  • Powers of Attorney (General, Enduring and Medical)
  • Guardianship of young children
  • Testamentary trusts
  • Binding death benefit nominations on your superannuation and retirement income streams
  • Reversionary income streams
  • Ownership of assets – solely in your name, joint, tenants-in-common, companies, trusts, superannuation etc.
  • Estate Equalisation for beneficiaries
  • Tax minimisation strategies
  • Anti-detriment payments from superannuation