Why Estate Planning Matters
Asset Protection
Planning for Incapacity
Establishes clear legal mechanisms (Powers of Attorney and Enduring Guardianships) so that trusted decision-makers can manage your legal, financial, and health affairs as you age or if you are unable to do so yourself.
Joint Tenancy Blindspots
Property held as 'joint tenants' passes automatically to the surviving co-owner by right of survivorship, completely bypassing your will. Joint tenancies must be severed if you wish to gift your share to someone else.
Safeguards your hard-earned wealth and protects inheritances from external risks such as relationship breakdowns or the creditors of a beneficiary. Ensuring the trust amendments do not trigger CGT events
The Simple Will Myth
A basic will does not cover all your assets. In reality, family trusts, proprietary companies, life insurance and superannuation funds are 'non-estate assets' and do not pass under a will, and require specialised succession planning.
Appointments should be tested against foreseeable conflicts, family dynamics, occupation of estate property, prior attorney transactions and the ability of co-executors to make decisions together, rather than treating executorship as an honour to be distributed equally among family members.
Ignoring family provision risks
Failing to identify and provide for eligible claimants under family provision legislation, exposing your estate to costly litigation that can deplete your assets.
Implement legal structures (like testamentary trusts) to manage and reduce your estate's exposure to income and capital gains taxes, Express terms to avoid your estate and trusts becoming non-resident trust estates for taxation purposes.
Incapacity gaps for entities
Incorrectly assuming a power of attorney covers company director roles or trusteeships, and that trust assets and controlling positions can be passed under your will.