What is Estate Planning?
Most people simply think of “estate planning” as getting a Will done. Few people know what an Enduring Power of Attorney or an Enduring Guardian is, and even fewer have one or both done.
More Than Just a Will
However, modern “Estate Planning” involves reviewing your whole personal and business affairs, including any legal structures for your business and/or investments (such as companies and trusts), to ensure that the benefit and control of all of your wealth (whether held in your own name or through one or more structures) may be effectively passed to your intended beneficiaries in the event of your death or incapacity.
To achieve this objective will often require more than just a Will, because a Will only passes assets held directly in your own name. Assets held in a trust or a superannuation fund are not held in your name. Plus, a Will only takes effect when you die – not if you become mentally incapacitated.
On top of all this, these days there are many issues that a “simple” Will cannot cater for, such as:
- how to adequately look after a surviving second spouse whilst making sure your children of your first marriage ultimately inherit the bulk of your assets;
- how to adequately provide for a child who has a disability, or who cannot be trusted to handle money or assets;
- how to protect your surviving spouse’s inheritance in the event that they re-marry; and
- how to protect your children’s inheritances in the event that they get divorced, or are sued.
Plus, there are many income tax and Capital Gains Tax concessions that may be available, and traps to be avoided.
Who Can I Trust?
Given that modern estate planning is now a very specialised and highly technical field, the real issue today is – “which Lawyer can I trust?“
Most so-called “estate planning lawyers” actually have little or no knowledge of trust law, corporations law, taxation law and superannuation law, and cannot properly deal with all these important issues.
On the other hand, a WillWorks® Specialist Estate Planning Lawyer will conduct a proper review of your personal and business affairs and asset-holding structures so as to create a modern solution that will enable you to preserve, protect and pass on your hard-earned wealth to your intended beneficiaries in a way that can:
- potentially provide very significant, ongoing tax savings – every year for up to eighty years;
- help shield their inheritances from divorce, frivolous law suits and claims from business creditors; plus
- provide a high level of flexibility to enable them to adjust their arrangements to take into account changes in their family circumstances and / or changes in the laws.
For more information about how our “holistic” approach to Estate Planning can benefit you, or to speak with a Specialist Estate Planning Lawyer, please contact us.
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