Estate planning is the process of anticipating and arranging for the management and distribution of a person’s assets in the event of death or incapacitation.
An effective estate planning process helps ensure your personal assets are distributed according to your wishes and assets that you may control are also distributed in accordance with your wishes (for example assets held in trusts, superannuation funds and life insurance policies).
Estate planning can be as simple as having a Will, but it often involves much more. Setting up an estate plan involves developing a comprehensive strategy to ensure that your estate is dealt with properly.
The benefits of good estate planning include:
- ensuring your assets are distributed according to your wishes
- ensuring assets outside of your estate that you control are dealt with in accordance with your wishes
- naming the people who will administer your estate
- naming guardians of underage children
- ensuring your estate plan is tax effective
- avoiding disputes between beneficiaries
- planning for possible incapacity
- helping your family make decisions during difficult times
- planning for business succession
Mahoneys estate planning services include:
Reviewing your assets and assets that you control in order to give effect to your wishes.
Reviewing your personal assets, company and trust structures and documents, reviewing business structures and partnerships, reviewing self-managed superannuation fund trust deeds and nominations, reviewing superannuation and life insurance policies, preparing binding death benefit nominations and dealing with control of personal and non-personal assets.
Implementing your estate plan may also involve other transactions such as transferring and asset and/or a loan agreement.
Preparing your documents
Ordinarily a simple estate plan will involve the preparation of a Will (which may include testamentary trusts), we also recommend an enduring power of attorney. A more complex estate plan involving company and trust structures, businesses and self-management superannuation funds and/or loans will normally require additional documentation.
Preparing a power of attorney and enduring power of attorney
A power of attorney is a legal document that appoints someone of your choice to lawfully act on your behalf. An enduring power of attorney continues to operate in circumstances where a person becomes legally incapacitated in relation to financial and/or health decisions.
Estate administration involves the management, collection and distribution of a deceased’s assets and liabilities following death. This may include applying for a grant of probate or letters of administration.
Estate litigation involves challenging a Will, contesting a Will or disputing a Will after someone passes away including making claims pursuant to family provision applications.