Proper consideration of estate planning issues has the ultimate advantage of helping your family during a challenging and emotional time. A well-structured estate plan protects your family’s security and privacy and will allow easier, cheaper and faster management and distribution of assets for your loved ones. On the other hand, a poorly constructed estate plan—or no estate plan at all—may lead to time delays, a greater tax obligation, and increased costs.
Without an estate plan, you also run the risk of your assets being distributed to beneficiaries in ways you wouldn’t have necessarily chosen.
Estate planning isn’t just about making a will—it’s about protecting your assets and your loved ones, so that the right people receive the right assets at the right time.
Not all assets are automatically covered by your will. Assets such as superannuation, life insurance proceeds, family trust assets, company assets, or jointly held property may require separate planning. Decisions you make now—such as investment ownership structures or whether to use a trust—can have significant implications later.
Life events, such as the birth of a child, engagement, wedding, or other significant commitment ceremonies, are often ideal occasions to review estate planning issues with you and your family.
Regardless of where you are along life’s journey or your particular financial circumstances, starting a conversation around estate planning today can help you prepare for unexpected events in the future.
A well-prepared estate plan helps you:
And, Estate Planning isn’t just about what happens after you pass away. A will only details what should happen after you pass away. Therefore, you should also appoint a Power of Attorney to make decisions on your behalf during your lifetime, should you become temporarily or permanently unable to manage them yourself through illness, injury or physical/mental impairment.
A Power of Attorney can be appointed to
You can nominate the same person or persons to make all these categories of decisions, or you can appoint different people for different categories.
The last thing any of us want is to have conflicts within the family, especially during such a difficult time.
However, the reality is that many of us simply fail to have adequate estate planning documents and structures in place. Should an unexpected illness or death of a family member occur, it can have serious ramifications at an already stressful time and lead to conflict and relationship breakdown.
An effective Estate Plan can also protect the privacy of the estate, family and beneficiaries.
A legal will is just one part of an effective estate plan. Other documents and legal structures that may be relevant (depending on your circumstances) include Powers of Attorney, Trusts, Superannuation Death Benefit Nomination, Appointment of Enduring Guardian, and an Advance Care Directive (also known as a living will).
It is important to understand that your superannuation benefits do not necessarily get distributed in accordance with your will. So further consideration of your superannuation accounts is required.
Superannuation benefits are held in a trust that a trustee controls. This means that these superannuation benefits are distributed at the trustee’s discretion, unless a Death Benefit Nomination has been completed. Therefore, superannuation benefits do not necessarily form part of an individual’s estate, and if not, they may not be distributed per the instructions in their will. Many superannuation funds also offer life insurance as a benefit to members, so it’s not just the accumulated retirement savings that are at stake, but possibly a substantial amount of money in life insurance when the member passes away. This is where putting a Superannuation Death Benefit Nomination in place is essential to ensure that your benefits are distributed as you want eg to your Legal Personal Representative (so the proceeds do go to your estate to be distributed per your will) or direct to particular dependent beneficiaries.
Estate planning is a complex area that requires careful planning and the right advice from qualified professionals.
As such, you should always consult with financial advisors and legal professionals who have expertise in estate planning. Effective estate planning can provide you with a great deal of comfort and peace of mind that comes from knowing that your affairs are in order and that the needs of your loved ones will be met long after you’re gone.
Speak with the team at Everalls Wealth Management today for help navigating your Estate Planning needs.
Estate equalisation strategies deal with the implications of splitting an Estate when the assets are “lumpy” (eg businesses or properties) or you want particular assets to go to specific beneficiaries equitably or inequitably between the Children or Beneficiaries. For example, the estate may include some property and some cash, and you want one child to receive the property, but there isn’t enough cash for the other child to make their inheritance equal.
Talk to our team about strategies available.
Bob is very helpful reliable and knowledgeable financial advisor who has taken personal and responsible interest in managing our financial portfolio
He a very professional advisor – And very nice person!
Siva and Nimmi
My wife and I recently worked with Gerrie to restructure our finances and wealth plan. The experience was invaluable, giving us confidence that our long-term financial position is secure and we’re making the right decisions for our future. Gerrie and the Everalls team were professional throughout, providing considered, regular communication that reinforced our trust in their approach. Gerrie was generous in sharing his knowledge and provided sound justification for every decision. We would happily recommend Gerrie and the Everalls team, and we look forward to working with them again in the future.
My husband and I were extremely impressed in the way Bob has a holistic approach in the way he provided Financial Advise to us. We now have a sound strategy in place to help us achieve our future goals which was lacking in the advise provided by our previous adviser. We both highly recommend Bob as we now have a Financial Adviser that we value and trust.
We have worked with Bob Chen over the past 8 years and could not ask for a more professional, dedicated and caring financial adviser. Bob has provided us with advice to help build a solid future for our family. We trust Bob and look forward to many more years ahead.
I’m so grateful to have met Bob. He’s provided me with sound, wholistic advice on how best, and how quickly, I can set myself up to retire comfortably.
We have finally found a Financial Advisor that we trust. Bob Chen is professional, dedicated and most importantly listens. He has helped my wife and I to understand our financial goals, execute a sound strategy that we understand and be confident we are positioned well for the future. We look forward continuing to work with Bob in the future.
We have been working with Bob the past few years on our journey to retirement. Bob has been amazing, keeping his advice & modelling easy to understand & giving us expert advice. He is lovely to work with & he makes you feel like family. Thankyou Bob!
Bob Chen from Everalls Financial Management have been providing holistic financial management of my financial affairs including my SMSF for the last three years and is now providing a solid plan for my transition into retirement. I have no hesitation in recommending Bob Chen to anyone who is looking for an engaging, friendly, and professional financial advisor.
Very focussed help and navigation. Thanks
We’ve only started feeling like we are in control of our finances and our future since we started working with Bob Chen, of Everalls Wealth Management, a few years ago. He is responsive, helpful and gives great advice.
I could not speak more positively of Bob Chen DFK. It’s been a pleasure and a rewarding experience to undertake my wealth management journey with Bob.
We met with Gerrie and I have to say he was amazing. We had some unusual financial things to consider. He had thoroughly researched our background and understood the domain well. The knowledge and professionalism stood out to me significantly above the other planners we had spoken with previously.
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