Estate planning is a process of arranging your affairs for a smooth transfer of your assets to your beneficiaries. It involves the review, management and control of your personal, family and business affairs while you are alive and when you pass away. The planning process aims to eliminate any uncertainty about the administration of your estate and maximizes the value by reducing taxes and other expenses.
Estate Planning can be as simple as having a Will, but often involves powers of attorney, enduring guardianships and/or business succession planning.
Succession planning is a process designed to enable stakeholders to organise their exit from the business, whether that be a handover to the next generation or a sale to realise the value of the asset. Succession planning will help make the transition from business owner to retiree smooth. There are many considerations in succession planning that need to be dealt with in advance to mitigate any adverse tax affects.
Some Estate Planning considerations may include the incorporation of trusts established under a will designed to provide maximum flexibility and allow for distribution of capital & income, as well as providing protection of beneficiaries from third parties such as creditors.
Some estate planning considerations may include the use of:
| Wills & Probate | Credit Shelter Trust | Prenuptial Agreements |
| Enduring POAs | Spendthrift Trust | Revocable Trusts |
| Contractual Will Agreement | Special Needs Trust | Irrevocable Trusts |
| Testamentary Trust | Superannuation Trusts | Totten Trust |
| Education Trust | Scholarship Trust |