Estate Planning
Estate planning is the cornerstone of securing your legacy and ensuring that your assets are distributed according to your wishes. Our advisors understand that estate planning is about more than just finances; it’s about peace of mind, protecting your loved ones, and leaving a lasting impact. Our team of experienced financial planners is here to guide you through the intricacies of estate planning, from integrating your wills and trusts to healthcare directives and beneficiary designations into your plans and goals. We work closely with you to tailor a comprehensive estate plan that safeguards your assets, minimises tax liabilities, and ensures your legacy endures. With our assistance, you can rest assured that your final wishes are respected, your family is provided for, and your financial affairs are in order.
Binding Death Benefit Nominations
Legal Document: A binding death benefit nomination is a legally binding document that specifies who should receive your superannuation benefits upon your death.
Certainty: It provides certainty regarding the distribution of your superannuation funds, ensuring your wishes are followed.
Protection: A binding nomination can protect your assets from potential disputes, ensuring your intended beneficiaries receive the benefits.
Validity Period: Binding nominations typically have a validity period (usually three years), after which they must be renewed to remain in force. Although some can be non-lapsing.
Spouse, Dependents: You can nominate your spouse, children, or other dependents as beneficiaries in a binding nomination.
Restrictions: The binding nomination restricts the trustee’s discretion in determining the beneficiaries, as it must follow your instructions.
Legal Requirements: Binding nominations must meet certain legal requirements to be valid, such as being in writing and properly witnessed.
Non-binding Death Benefit Nomination
Preference, Not Obligation: A non-binding death benefit nomination indicates your preference for the distribution of your superannuation benefits, but it is not legally binding.
Trustee Discretion: The final decision regarding the distribution of your benefits lies with the superannuation fund trustee, who considers your preferences but has the discretion to decide.
Flexibility: Non-binding nominations offer more flexibility, allowing the trustee to consider changing circumstances and the best interests of beneficiaries.
No Validity Period: Unlike binding nominations, non-binding nominations do not have a validity period and do not need to be periodically renewed.
Additional Guidance: While not binding, non-binding nominations provide valuable guidance to the trustee regarding your intentions.
Updating Preferences: You can update your non-binding nomination at any time to reflect changing circumstances or preferences.
Consideration of Taxation: Trustees may consider taxation implications when determining the most tax-effective distribution of benefits.
Wills
Legal Document: A will is a legal document that outlines your wishes for the distribution of your assets and the care of your dependents after your passing.
Executor Appointment: In a will, you appoint an executor, who is responsible for carrying out your wishes and managing your estate.
Asset Distribution: Wills specify how your assets, including property, investments, and personal possessions, should be distributed among your chosen beneficiaries.
Guardianship: If you have minor children, your will can designate a guardian to take care of them in the event of your death.
Funeral and Burial Instructions: Wills can include instructions regarding your funeral, burial, or cremation preferences.
Debts and Taxes: Your will may address the payment of debts and taxes, providing guidance on how these financial obligations should be handled.
Contingency Plans: Wills can include contingency plans, such as naming alternative beneficiaries in case your primary beneficiaries are unable to inherit.
Charitable Bequests: Wills allow you to leave gifts or bequests to charitable organizations or causes that are important to you.
Digital Assets: With the increasing importance of digital assets, wills can cover the management or distribution of digital assets like online accounts or intellectual property.
Witnesses and Legal Requirements: Wills must meet legal requirements, such as being in writing, signed by the testator (person making the will), and properly witnessed.
Revocable and Amendable: Wills are revocable and can be amended or replaced as your circumstances change.
Intestacy: Without a will, your assets may be distributed according to the laws of intestacy, which might not align with your wishes.
Probate Process: After your passing, your will typically goes through the probate process, which validates the document and ensures the lawful distribution of assets.
Power of Attorney (POA)
Legal Authority: A Power of Attorney is a legal document that grants someone (the “agent” or “attorney-in-fact”) the authority to make decisions and take actions on your behalf.
Types of POAs: There are different types of POAs, including General POAs, Limited POAs, and Durable POAs, each serving specific purposes.
Financial Decisions: A Financial Power of Attorney allows your agent to make financial decisions, manage assets, pay bills, and conduct financial transactions on your behalf.
Healthcare Decisions: A Healthcare Power of Attorney authorises your agent to make medical decisions when you are unable to do so, ensuring your healthcare preferences are followed.
Revocable: POAs are typically revocable, meaning you can revoke or change the document as long as you have legal capacity.
Enduring or Durable POA: A Durable Power of Attorney remains effective even if you become incapacitated, offering added protection in case of future disability.
Specific or Limited Powers: You can specify the scope of powers granted to the agent, limiting their authority to specific actions or decisions.
Trust and Reliability: A Power of Attorney is an essential component of estate planning, providing trust and reliability in the management of your affairs.
Legal Requirements: POAs must meet certain legal requirements, such as being in writing, signed, and witnessed according to state laws.
Protection in Case of Incapacity: POAs are crucial for ensuring that someone you trust can manage your affairs if you become incapacitated due to illness, injury, or aging.
Avoiding Court Appointments: A well-drafted POA can prevent the need for court-appointed guardianship or conservatorship in the event of incapacity.
Agent Selection: Careful consideration should be given to selecting a reliable and responsible agent who will act in your best interests.
Financial Planning: POAs can be a part of comprehensive financial planning, ensuring the seamless management of your finances in various circumstances.
Privacy and Control: POAs provide you with control over who will handle your affairs, maintaining privacy and personal choices.
