When you think about estate planning, often the first thing that comes to mind is to question whether you have a valid will; however, there is so much more involved with planning your estate than establishing a will.
It involves people, family, structures, beneficiaries, trusts, taxation and potentially business succession planning. (please link to the Business Solutions page)
Estate Planning means no more second-guessing whether your assets and loved ones are going to be treated in the manner you desire.
It is a sad truth that in some instances people go through a period of reduced capacity before death. Estate planning addresses this possibility.
Having an estate plan in place means you get the outcomes you desire for your assets.
Estate Planning refers to the process of planning and documenting your wishes for the distribution of your assets when you die.
It not only deals with the assets that you own personally, but those that you control as well.
Estate planning can also involve the use of insurance policies and should also consider how your superannuation benefits are to be paid after your death.
Contact Monash Group today for a copy of our Estate Planner questionnaire.
Powers of Attorney
By signing a Power of Attorney (POA), you give someone authority to act on your behalf.
The POA can be unlimited, in that your Attorney can do whatever you can do legally; or, it can be limited to certain things (e.g. to dealing with your shares only) or limited in time (e.g. for one month while you are overseas).
An Estate Register is where you can choose to register/store all information regarding your estate and your wishes for its disbursement.
This might include:
- Your will
- Executor information
- Enduring Power of Attorney
- All assets you own personally
- Your shares in a company
- Your share of any asset you own as tenant-in-common
- Any superannuation death benefit or life insurance policy proceeds paid to your estate
- Your interest in any partnership assets, unless agreed otherwise
- The right to recover any funds owed to you; and
- Any rights you hold under any contract or agreement.
- Assets you own as a joint tenant such as your home or bank account (these pass automatically to the other joint tenant(s)
- Assets held in a trust (the trust deed governs what happens to these assets)
- Assets owned by a company (only the company can deal with its assets)
- Superannuation death benefits or life insurance policy proceeds paid directly to a beneficiary.
A Will enables you to direct how your assets are to be dealt with after your death.
Everyone, even with modest assets, should have a current and valid Will to ensure that their wishes are clearly expressed on their death.
It is especially important if you are living in a defacto/interdependent relationship or are separated or divorced.
Assisting you with Aged Care accommodation needs
- Securing the most suitable placement.
- Negotiating accommodation payments.
- Assisting with final selection.
- Preparing and submitting all paperwork.
(Sourced from Equity Trustees)Information on this site may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product.