Estate planning is more than just creating a will and a power of attorney. Certainly the preparation of a will, powers of attorney and nominating superannuation beneficiaries needs to be addressed but an estate plan goes further than that.
Proper estate planning focuses on wealth preservation and transfer of assets to the designated successors.
For business owners an estate plan needs to prepare a business succession plan which would involve discussions around who will take over the family business and how other beneficiaries would be compensated if the business is a substantial part of the estate.
As accountants we look at the structure of the assets and how they can be passed onto the beneficiaries in a tax effective manner, while as financial planners we look at the funding of the estate through superannuation and insurances.
Lawyers are required to draw up the will but without identifying the underlying issues the will may not be as effective or give the required benefit you would desire. We, as your trusted advisors would normally know more about your business situation, therefore our input is essential.
Thought also needs to be given to protecting the assets for the next generation from marriage break up and business risk, taking into account the beneficiaries situations. Testamentary trusts can be a useful vehicle to pass assets on while protecting the capital in a timely and tax effective manner.
Call us for an appointment to discuss your individual circumstances.