Estate Planning - Hello Wealth

Estate Planning

Providing for Future Generations

Estate planning is an effective method of reviewing assets, considering how they’re structured, and determining how you would ultimately like your legacy and provision for those closest to you to be distributed. Not having these preferences made and updated can have devastating effects on those we love.

As specialists in this area of Financial Planning Hello Wealth advisers assist with formalising and updating clients’ wishes while working closely with a select team of skillful and compassionate solicitors. 

Reviewing Your Will

The document that sets out how you want your estate to be managed and distributed after your death, including the appointment of a guardian for your children.

Without a will, management of your estate can be costly, time consuming and subject to state based legislation.

It’s important to have a valid will, reviewed regularly, to ensure it aligns with longer term intentions.

But while they may be effective for simple straight-forward estates, they don’t serve more complex estates as effectively. A will with a seemingly insignificant discrepancy, or lacking a residue clause to direct the distribution of assets not included in the original, can easily result in a costly legal process if contested.

Enduring Power of Attorney

If you were to become incapable of handling your affairs, control of your assets could revert to a person appointed by a court.

Hello Wealth advises granting an enduring power of attorney so that if you cannot manage your affairs someone you trust and have chosen to act on your behalf can make the necessary important decisions for your affairs.

Selecting an Executor

An executor distributes assets after death – a complex process which involves applying to the Supreme Court for probate and gives them permission to execute your will; a difficult job if it involves setting up trusts and lodging tax returns.

Our advice?
Consider appointing a solicitor or using a trustee company and, regardless, ensure your chosen executor is willing and that you have nominated an alternate as a back-up and added layer of security.

Guardianship

A guardian can make decisions regarding where you live and your medical care if you lose the capacity to make your own decisions.

Hello Wealth recommends nominating a guardian you trust either before or as soon as any signs appear that you may need one.

A Family Trust

Also known as a discretionary trust, this is a common structure used by small businesses to protect family assets and to share income among beneficiaries within the family group in the most tax-effective way possible.

It involves setting up a trust with a nominated trustee responsible for distributing the estate to nominated beneficiaries and can also be used to protect assets from dependants’ creditors or from those incapable of managing money.

The Death Benefit

Superannuation balance (benefit) is typically transferred to cash on notification of death and paid out to the nominated beneficiaries.

Nominated Beneficiaries

Also known as a discretionary trust, this is a common structure used by small businesses to protect family assets and to share income among beneficiaries within the family group in the most tax-effective way possible.

It involves setting up a trust with a nominated trustee responsible for distributing the estate to nominated beneficiaries and can also be used to protect assets from dependants’ creditors or from those incapable of managing money.

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