Estate planning is the process of planning and documenting how and when you would like the assets you own and control to be distributed upon your death.

Your financial planner is often the one adviser who has an overview of your entire financial position. As such they are well placed to coordinate the estate planning process, working closely with you, your lawyer and accountant to ensure that your objectives can be met. We also assist our clients to integrate their succession plan so that they can plan their retirement or exit from their business and how this will impact their estate.

Whilst the preparation of a Will is an important part of the estate planning process, just having a valid will or other estate planning documents such as Enduring Powers of Attorney in place does not always mean that your objectives will be met. This is particularly the case when your assets do not fall under your Will and are therefore not a part of your estate.

Examples of assets that may not form a part of your estate include:

  • Superannuation
  • Jointly owned assets
  • Assets held in an entity e.g. family trust or company
  • Insurance policies

When assisting our clients to establish their estate plan our Perks team generally undertake the following four steps:

  1. Collate information required to gain a thorough understanding of your current situation and commence your estate planning, including:
    • Comprehensive asset and liability schedule
    • Company/group structure diagram
    • Existing estate planning documents
    • Governing documents, ownership, and financial statements in relation to each entity/structure or asset.
  2. Undertake ‘what-if’ scenarios to determine how your assets/liabilities and control of various entities would currently pass.
  3. Discuss your estate planning objectives with you and raise any issues/concerns that have been identified based upon your current situation and the ‘what-if’ scenarios.
  4. Liaise with your chosen lawyer (and where applicable, your accountant) to ensure appropriate steps are put in place and documents are prepared to facilitate your estate planning objectives. We can assist our clients by referring them to an appropriate lawyer with the required experience for their situation.

Our team understands the complexities of the Estate Planning process including any tax and stamp duty implications which will be taken into consideration in the planning process.

Building an estate plan for our clients involves many elements but our overarching goal at Perks is to give you the peace of mind, knowing that your estate will be handed down in line with your wishes.

Disclaimer: Any financial product advice is provided by Perks Wealth Management Pty Ltd (AFSL No. 236551) (“PWM”). The information provided is general in nature and is not personal financial product advice. The information provided has been prepared without taking into account your objectives, financial situation or needs and because of this you should, before acting on it, consider the appropriateness of it having regard to your objectives, financial situation and needs. You should carefully read and consider any product disclosure statement that is relevant to any financial product that has been discussed before making any decision about whether to acquire the financial product. Please refer to PWM’s FSG for contact information and information about remuneration and associations with product issuers.

To speak to one of our Wealth Management Advisers contact us today

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