Comprehensive Estate Planning Services

A current estate succession and business plan properly governs and regulates what will happen to the management of your affairs, assets and the distribution of your estate and business when you die or if you become totally or permanently disabled.

An effective estate plan includes a legally and tax-effective Will to protect your estate and the interests of your beneficiaries when you die.

With your Will, you can:

Make gifts of assets or money that form part of your estate (but be careful, as some of your assets, may not form part of your personal estate)

Establish testamentary trusts for asset protection, tax optimisation and the ongoing management of your legacy assets for your beneficiaries

Appoint an executor and trustee

Appoint guardians to look after your minor children

Include funeral wishes

Jointly held assets, company property, trust assets, insurance proceeds and superannuation are not necessarily dealt with by the terms of your Will as these are not generally considered to be personal assets.

It is therefore important to consider and implement a comprehensive estate plan to ensure all assets are transferred according to your wishes in the most effective and efficient manner.

In summary, having your estate plan up-to-date and in order will:

Provide your family members with guidance

Allow you to direct how your assets are distributed, having regard to succession and tax laws

Ensure that your medical care is dealt with in accordance with your wishes

Likely save your estate substantial costs, which means more for your loved ones and beneficiaries

An effective estate plan should also include the appointment of a person or persons you trust to manage your legal and financial affairs and make important decisions concerning medical treatment, hospitalisation or life-support in the event you become physically or mentally incapacitated. This can be variously achieved by preparing an Enduring Power of Attorney (EPA), an Enduring Power of Guardianship (EPG) and an Advance Health Directive (AHD).

Our estate planning and administration services include the following:

Advising clients about their Will and estate plans (including ‘Family Trust succession’) as well as appropriate EPAs, EPGs and AHDs.

Working with clients’ existing advisors, such as their accountants and financial & insurance advisors, to achieve a complete estate plan which meets each client’s wishes and requirements.

Advising clients about the advantages of Testamentary Trusts (such as tax and asset protection).

Succession Arrangements for Family/Discretionary Trusts.

Binding Death Benefit Nominations (BNBNs) and ‘Auto-Reversionary’ Pensions for relevant Self-Managed Superannuation Funds (SMSFs).

Advising clients about the advantages of General Charitable Trusts including tax-effective gifting and donations.

Creating Family Constitutions and Charters.

Applying for Grants of Probate or Letters of Administration

Advising Executors and Trustees as to their duties and obligations towards beneficiaries under Wills and Trusts

Advising Trustees, members and dependent clients about their rights and compliance with superannuation legislation for SMSFs.

Varying the terms of a Will by a “Deed of Family Arrangement”

Interpretation of Wills and the “Passing of Accounts”.

We can help

These are complex issues spanning many legal, financial and administrative arenas. Balfour Meagher will make sure you have covered all bases and developed a specific plan addressing all known risks, issues and challenges.