Why you need an Estate Plan

We often hear "Why do I need to do any estate planning, we all get along, a simple will do?"  This may be possible for some, but everyone's circumstances are different.  You could have a complicated financial situation, the possibility of family disputes, or it may be a treat you want to provide for grandchild.  Whatever the circumstances, Estate Planning should be considered.

Estate Planning is the process of creating a plan to set out what will happen with your assets upon your death.

Preparing a will is an integral component of estate planning, but there are other factors to consider:

  • If you have any superannuation benefits, have you made a superannuation death nomination?
  • What happens if you are unable to conduct your affairs, has a power of attorney been appointed?
  • Would a testamentary trust be a useful tool to use to assist in the distribution of the assets and income to beneficiaries, or alternatively to protect your hard earned assets ending up in the hands of a party not to your liking, such as a trustee in bankruptcy?
  • If you lose your mental capacity, do you have a power of guardianship so that a person or persons of your choice have the power to make personal and lifestyle decisions for you?
  • Do you have an Advanced health directive in place in case you are unable to communicate? 
  • Have you considered your insurance?  What type of insurance is it? Life, Trauma etc.  Who receives the benefits of the policy?  What are the taxation implications to the estate and the beneficiary?

Many businesses operate through a company, trust or some other business structure.  These business structures would have been created for purposes such as asset protection.  There may be other business partners involved.  These and other considerations add layers of complexity to your Estate Plan.  You may not be able to deal with these directly through your will.  A Shareholder, unitholder or various other agreements may be required as additional documents that work together with your will to help achieve your wishes.

Aspen Corporate can work with you to help you and your estate to structure your affairs so that business and taxation strategies are considered to maximise the benefits, and structure your estate so that you can achieve your wishes.

Contact your Aspen Corporate Advisor today to talk about setting up an Estate Plan to protect your interested and wishes.

CONTACT US

LEVEL 2, 102 BEAUFORT ST
PERTH WA 6000

PO BOX 8262
PERTH BUSINESS CENTRE
STIRLING ST
PERTH WA 6849
P +61 8 9228 0700
F +61 8 9228 0706
ADVISOR@ASPENCORP.COM.AU

 

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