What is an Estate Plan?

An effective estate plan includes tax effective wills and planning of asset holdings to protect your beneficiaries in the event of the death. The Estate planning process includes:

1. Taking stock of your current assets (what assets do you have? What liabilities do you have?);
2. A meeting with Amanda Little & Associates Estate and your financial planner or accountant to discuss taxation consequences of your gifts;
3. Discussion and assessment on the holding of your assets ( jointly held assets, asset holdings e.g. joint tenants or tenants in common, superannuation nominations, assets not forming part of your estate)
4. Actions required to asset holdings for taxation and or other purposes (such as quarantining assets for estates, transfer of interests, binding death nominations);
5. Preparation of legal documents such as wills and power of attorneys to affect your estate plan (is a standard will sufficient, do you require a testamentary trust or a special disability trust? Is a life estate required?)

Who needs an estate plan?

Everyone needs an estate plan!

For example: Did you know that your superannuation does not form part of your Estate unless it is expressly stated by way of nomination? Did you know that there can be serious taxation consequences as to whom your superannuation is left to? Did you know unless you have done a binding nomination the trustee of your superannuation fund holds discretion ( despite your nominations) to disburse your interest as they see fit?

This is only a few of the legal issues Amanda Little & Associates Estates will discuss with you at your conference.

The complexity of your estate plan will depend upon the following factors:

• Size of the expected estate;
• If there are minor beneficiaries;
• If there are beneficiaries with disability;
• If there are mixed/blended families;
• If there has been dis-entitling conduct (someone has acted in a way to ‘dis-entitle’ them from a share of an estate they would otherwise be entitled to);
• If you have a mix of dependent and non-dependent beneficiaries.

What Legal Documents form part of an estate plan?

Good Question! Documents include:

• Will
• Power of Attorney
• Enduring Guardianship
• Advance Care Directive ( if required )

Where to from here?

At the initial consultation we will discuss your needs with you and put together a plan for the progression of your estate planning process. As each client and estate is unique this will be tailored to you.

Prior to attending your conference with us, we will send you an information form for your completion and to assist you to gather the relevant information required.

Please contact Amanda Little & Associates Estates to book an appointment with one of our Estate Planning Solicitors to discuss your matter on 0247 616 935.

Links:

Australian Taxation Office – Estate Planning

Australian Taxation Office – Capital gains Tax Deceased Estates

Australian Taxation Office – Superannuation and Tax

ALA Estates – Facebook