Estate Planning

The death of a family member is a traumatic experience. The last thing your loved ones need is to deal with a tangled mess of assets and legal structures with no clear idea of your intentions, and the value of your estate being eroded through costly litigation between competing interests. Contact Wilson Pateras for a complimentary estate planning consultation.

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What is Estate Planning?

Estate plan details how to deal with your assets and investments in the event of death. If someone dies without a valid will, this is called ‘dying intestate’, and their assets are distributed according to the inheritance laws of the states and territories of Australia. You need to consider the following to ensure your estate plan is up-to-date:

  • Set up your will
  • Having an ownership structure of your assets
  • Enduring Powers of Attorney – medical, financial and personal matters
  • Deeds of guardianship
  • Testamentary/family trusts
  • Binding Death Benefit Nominations
  • Treatment of your Superannuation upon death

Estate Planning For Individuals

Having an Estate Plan ensures the wealth you have built is distributed to your beneficiaries smoothly, tax effectively and most importantly, according to your wishes. Have you considered:

  • What happens if you or your spouse suddenly pass away?
  • What do you want for your children? What do your children want for themselves (and should they be allowed to decide)?
  • What assets do you hold and how do you hold them (including superannuation funds, family trusts, overseas assets)? Will these change?
  • What is the likelihood of claims on your estate / dissolution of family relationships generally (ie. current or potential ‘ex-in-laws’? What about your child’s relationships?
  • Communication between family members – who is involved and who isn’t?

Succession Planning for Business Owners

Succession Planning is often overlooked by business owners. Succession planning is the process of identifying and developing new leaders who are well-equipped to replace a company’s present leaders when they retire or in the unfortunate event that they are no longer capable of operating a business due to death or incapacity. Have you considered:

  • That your business has appropriate insurance if you become ill for an extended period?
  • If the business will be kept, sold or liquidated upon death?
  • Who will have control over the business?
  • Is your business structure flexible enough to allow tax effective change of ownership?
  • Is there a pre-determined price for your business partners to purchase your ownership interest?
  • Do you have a tax strategy in the event of the sale of your business?
  • Do you have an effective business succession plan with a funding solution?
  • Do you have confidence in your family to continue to run the business if you were permanently incapacitated?

Seeking Estate Planning Advice?

If you would like to protect your estate, and ensure your assets end up with your intended beneficiaries, please contact us for more information or book your estate planning complimentary meeting.

Our Office

Richmond Office

40 River Boulevard
VIC 3121

Phone: (03) 8419 9800
Fax: (03) 8419 9888