What are the important estate planning elements?
Some important Estate Planning elements include a Will, an enduring power of attorney (EPA) and insurance cover.
In considering your Estate Plan it is important to understand clearly what assets actually form part of your estate. Not everything that you have control of is necessarily ‘yours to bequest’! This is particularly important in the drafting of a valid Will. Other important considerations when drafting a Will, include –
- the use of testamentary trusts, and
- the appointment of appropriate executors/trustees,
particularly in situations where there are likely to be beneficiaries who are still minors at the relevant time.
Why have an estate plan?
Your estate plan is, in many respects, a version of a financial plan. It should provide financial security and certainty for your dependants and other beneficiaries. Regular review of your bequest aspirations will ensure your plan meets your expectations. These bequests will ultimately be based on a finite existing asset position as at the date of your death.
A good estate plan will:
Ensure that ownership and control of your eligible assets passes to the intended beneficiaries –
- in a timely way,
- in the correct proportions;
- in a way which will be tax effective, incurring minimum tax on:
- the income, and
- the capital gains earned on the estate assets; and
- which protects those assets in case a beneficiary is/ becomes involved in any legal and/ or competence difficulties (including bankruptcy, divorce or ‘dependencies’).
Making a binding death nomination for your superannuation death benefits at the time of drafting your estate plan rounds out the important Estate Planning elements.
Financial Plan; Estate Plan AND Business Succession Plans!
Where business assets are involved –
- business continuity may be of concern, and
- buy-sell agreement(s) will impact the estate plan.
Our experienced financial advisors make recommendations in this regard. They will liaise with your accountant and lawyer, ensuring the most suitable outcomes are targeted.
We make tools available, to ensure your legal adviser is well instructed for the preparation of a –
- personalised, targeted Estate Plan, and
- that your beneficiaries (nominated by class or name) receive
- the right amount of funding,
- at the right time.
What do you need to do now?
To arrange a confidential appointment with one of Continuum Financial Planners Pty Ltd’s advisers:
- phone our office on 07 – 3421 3456, or
- at your convenience, use the linked Book A Meeting facility.
The Estate Planning Strategies category in our website Library carries a broad range of articles that may be of interest to you and to your family.
(This article was originally posted by us in February 2010. We occasionally refresh/ update it, most recently in March 2025.)
