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Estate
Planning

Get thorough estate planning advice to ensure your estate is protected and distributed according to your wishes in a tax effective manner.

Estate Planning
Estate Planning

Achieve peace of mind knowing your estate will be distributed as per your wishes

Estate planning is a logical continuation to the financial planning process.  It is the complete consideration of your assets and liabilities. It is used to both distribute wealth and also to create and protect it. 

Proper estate planning is not just a matter of having a will. For the same reason that you may wish to maximise your assets over your lifetime, it is important to ensure that in the event of your death or loss of capacity, both you and your family are provided for in the most effective way.

Estate planning involves three basic elements:

Deciding how to divide your estate
Making or updating your will
Providing the means to make sure your wishes are carried out

A well-arranged and executed estate plan ensures that your assets are distributed according to your wishes, rather than this being determined by the state. It also provides a mechanism for your chosen person to step in and make important lifestyle and financial decisions on your behalf if you are unable to do so yourself.

Before undertaking estate planning you should consult your financial adviser. Working with your adviser and accredited estate planning specialist can help ensure your assets are distributed as per your wishes in a tax effective manner.

Proper estate planning is more than just preparing a will

Estate planning can benefit everyone; it doesn’t matter what the size of your bank account is or if you are married. At its most basic, we should all have a will and power of attorney as these can help to lessen the stress for grieving families during an already painful time. These documents should be reviewed every three or so years or at major life events such as marriage, birth of a child or divorce.

The advantages of obtaining advice from an estate planning specialist are too numerous to list in their entirety. However, the advantages can include:

Asset protection for your beneficiaries
Tax advantages (including reducing the income tax payable by beneficiaries, and avoiding unnecessary taxes on your estate such as capital gains tax)
Consideration of complexities such as the effect of divorce, remarriage and blended families
Consideration of superannuation and other mechanisms such as family trusts, which are not necessarily covered by your will
Advice as to how to minimise the chance of your will being contested

Case Study

Bob and Barb* have been clients with Elliot Watson Financial Planning since 2015. They were referred to us by their daughter who wanted the best for them and was worried they were not making the most of their money. The clients were farmers and had always had the mentality of saving money in the bank in case of a future drought or flood. This meant they were heavily invested in cash and were missing out on other opportunities.

How did we help?

Working further with the clients our adviser identified that they had some estate planning issues. Their previous wills had been done by a generalist and didn’t consider several important areas. For example, farming land going to a grandchild, but not until they are 27, with no provisions for council rates, water management or fencing in the meantime. Additionally, two executors were nominated but no resolution clause was put in place. Our adviser worked with our accredited estate planner to establish new wills which reflect the clients wishes and avoided previously identified pitfalls.

Value of Advice

The clients have mentioned numerous times that they are grateful they found us and now have peace of mind about their finances and the future of their land. Something which was of great importance to them and their family.

Testimonial

We are grateful to have peace of mind that our estate will go where we want upon our passing.

*names have been changed for privacy

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