Services > Wills & Estates > Estate Planning
Estate Planning
Developing an effective estate plan is vital to ensuring that your loved ones are properly looked after if you die or become incapacitated.
Our wills and estates team has a deep knowledge of the law and extensive experience in estate planning.
Our estate planning philosophy
We believe in working closely with your accountant and financial planner to ensure that your estate plan provides you and your family with the maximum level of tax effectiveness and financial comfort, while also protecting and preserving your assets so that they can pass to your intended beneficiaries when the time comes.
Your will
Your will is likely to be the primary, though by no means the only, element of your estate plan.
Whether your individual circumstances are relatively simple or very complex, we can assist you with the preparation of a will that is suited to your individual circumstances.
While a simple will might be sufficient if your circumstances are straightforward, there can be advantages to exploring more complex options, such as life interests and testamentary discretionary trusts.
We can help you understand the options available to you and choose the one that is most suitable to you.
For more information about the issues you should address in your will, click here.
For greater detail on testamentary discretionary trusts, click here.
Letter of wishes
As part of the estate planning process, you can make a document called a letter of wishes, to be read in conjunction with your will.
Unlike your will, a letter of wishes is not a legally binding document. However, it does give you the ability to express wishes or preferences on issues which are important to you but in relation to which you cannot, or may not wish to, give legally binding directions, to guide your executors and beneficiaries in the administration and distribution of your estate.
To learn more about the issues that can be addressed in a letter of wishes, click here.
Enduring power of attorney
Another important element of your estate plan is an enduring power of attorney.
An enduring power of attorney is a document by which you can appoint one or more people to look after your financial and/or personal and health affairs in the event that you lose the ability to make decisions for yourself, for example, through illness or accident.
Not having an enduring power of attorney can have serious consequences if something happens to you unexpectedly. If you do not have an enduring power of attorney, then if you lose the capacity to look after yourself, it may be necessary for an application to be made to the Queensland Civil and Administrative Tribunal for someone to be appointed to look after your affairs.
To find out more about the importance of enduring powers of attorney and how they work, click here.
Advance Health Directive
A further element of your estate plan is an advance health directive.
An advance health directive is a document by which you can give directions and express your preferences about the medical treatment you want to receive if you lose the capacity to make decisions for yourself.
To learn more about advance health directives, click here.
Binding death benefit nominations
Did you know that your superannuation does not necessarily form part of your estate in the event of your death?
In the event of your death, the trustee of your superannuation fund usually has discretion as to how your superannuation is to be distributed.
The Commonwealth legislation governing superannuation allows you to bind the trustee of superannuation fund to distribute your superannuation in a particular way in the event of your death.
Depending on your circumstances, it may be appropriate to implement a binding death benefit nomination so that you can be certain that your superannuation will be dealt with in the way you want.
For additional information about binding death benefit nominations, click here.
Control of trusts and self-managed superannuation funds
If you have a family trust or a self-managed superannuation fund, you will need to consider how they should be managed in the event of your death or loss of capacity, and by whom.
We can help you review the provisions of the trust deed so that you can decide who should act as the trustee and/or appointor if you are unable to continue to act.
We can also prepare deeds of variation to ensure that the powers and duties of the trustee and appointor are clear and in accordance with your wishes.
Control of business interests
If you are engaged in a business enterprise, it is important that you consider how your interest in that business should be dealt with in the event of your death or incapacity.
For example, you should ask yourself whether you would want your family to take over the management of the business if you are unable to continue to run it.
If you are engaged in business with one or more business partners, it is also important that you consider what should happen to your respective interests in the event that one or more of you die or lose capacity.
Depending on the circumstances, it might be preferable to implement a buy/sell agreement with your business partners.
We can help you to consider the various implications of your business interests to help you decide on the correct course of action.
Estate Planning
Developing an effective estate plan is vital to ensuring that your loved ones are properly looked after if you die or become incapacitated.
Our wills and estates team has a deep knowledge of the law and extensive experience in estate planning.
Our estate planning philosophy
We believe in working closely with your accountant and financial planner to ensure that your estate plan provides you and your family with the maximum level of tax effectiveness and financial comfort, while also protecting and preserving your assets so that they can pass to your intended beneficiaries when the time comes.
Your will
Your will is likely to be the primary, though by no means the only, element of your estate plan.
Whether your individual circumstances are relatively simple or very complex, we can assist you with the preparation of a will that is suited to your individual circumstances.
While a simple will might be sufficient if your circumstances are straightforward, there can be advantages to exploring more complex options, such as life interests and testamentary discretionary trusts.
We can help you understand the options available to you and choose the one that is most suitable to you.
For more information about the issues you should address in your will, click here.
For greater detail on testamentary discretionary trusts, click here.
Letter of wishes
As part of the estate planning process, you can make a document called a letter of wishes, to be read in conjunction with your will.
Unlike your will, a letter of wishes is not a legally binding document. However, it does give you the ability to express wishes or preferences on issues which are important to you but in relation to which you cannot, or may not wish to, give legally binding directions, to guide your executors and beneficiaries in the administration and distribution of your estate.
To learn more about the issues that can be addressed in a letter of wishes, click here.
Enduring power of attorney
Another important element of your estate plan is an enduring power of attorney.
An enduring power of attorney is a document by which you can appoint one or more people to look after your financial and/or personal and health affairs in the event that you lose the ability to make decisions for yourself, for example, through illness or accident.
Not having an enduring power of attorney can have serious consequences if something happens to you unexpectedly. If you do not have an enduring power of attorney, then if you lose the capacity to look after yourself, it may be necessary for an application to be made to the Queensland Civil and Administrative Tribunal for someone to be appointed to look after your affairs.
To find out more about the importance of enduring powers of attorney and how they work, click here.
Advance Health Directive
A further element of your estate plan is an advance health directive.
An advance health directive is a document by which you can give directions and express your preferences about the medical treatment you want to receive if you lose the capacity to make decisions for yourself.
To learn more about advance health directives, click here.
Binding death benefit nominations
Did you know that your superannuation does not necessarily form part of your estate in the event of your death?
In the event of your death, the trustee of your superannuation fund usually has discretion as to how your superannuation is to be distributed.
The Commonwealth legislation governing superannuation allows you to bind the trustee of superannuation fund to distribute your superannuation in a particular way in the event of your death.
Depending on your circumstances, it may be appropriate to implement a binding death benefit nomination so that you can be certain that your superannuation will be dealt with in the way you want.
For additional information about binding death benefit nominations, click here.
Control of trusts and self-managed superannuation funds
If you have a family trust or a self-managed superannuation fund, you will need to consider how they should be managed in the event of your death or loss of capacity, and by whom.
We can help you review the provisions of the trust deed so that you can decide who should act as the trustee and/or appointor if you are unable to continue to act.
We can also prepare deeds of variation to ensure that the powers and duties of the trustee and appointor are clear and in accordance with your wishes.
Control of business interests
If you are engaged in a business enterprise, it is important that you consider how your interest in that business should be dealt with in the event of your death or incapacity.
For example, you should ask yourself whether you would want your family to take over the management of the business if you are unable to continue to run it.
If you are engaged in business with one or more business partners, it is also important that you consider what should happen to your respective interests in the event that one or more of you die or lose capacity.
Depending on the circumstances, it might be preferable to implement a buy/sell agreement with your business partners.
We can help you to consider the various implications of your business interests to help you decide on the correct course of action.
