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Estate Planning


Estate Planning is a very important part of the Financial Planning process. One never knows when the time comes when we will need this. It often comes very quickly.

It is the simplest it is peace of mind ensuring :-

  • Your assets are passed to the people you want them to be passed onto
  • Tax minimised
  • Beneficiaries are protected from ongoing legal matters

If you are 18 years and older and have the mental capacity you should make sure your Estate Planning is in order: There matters include

  • Will
  • Superannuation death nominations
  • Testamentary Trust
  • Powers of Attorney
  • Powers of Guardianship
  • Anticipatory direction.

If you have binding death benefit nominations on your Superannuation then they override anyone mentioned in the Will.


If you want to ensure the right people receive you inheritance rather then court directed it is very important to have a Will. This is why you want to have a Will. It is important to have a properly drawn up Will. If you draw up a DIY Will yourself it often does not stand up in Court.

It is estimated that 50% of Australian pass away intestate. Don’t let this happen to you. It is a long court process and the Court decided with whom to pass the inheritance.

Your Will can be arranged through a Solicitor , Public Trustee .

Testamentary Trust

A Testamentary Trust is a trust set out in the Will and only becomes into pay when the person dies.

The reasons for a Testamentary Trust:

  • The Beneficiaries are minors
  • The Beneficiaries have diminished mental capacity
  • Do not trust the beneficiary to use inheritance wisely
  • You do not want family assets split as part of bankruptcy proceeding

Powers of Attorney

Appointing someone as your power of attorney gives the legal authority to look after your affairs on your behalf. There can be a Financial Power of Attorney for both health matters and financial matters. They don’t have to be the same person.

Enduring Power of Attorney

An Enduring Power of Attorney is an important legal document. It gives someone else the authority to make personal and/or financial decisions on your behalf. You may not always be in a position to make decisions. Illness can hinder you with making clear choices about your medical treatment. If you were to suffer a stroke for example, this could be make things very difficult in communicating your decision.

When choosing a person to give this responsibility to,

they have to:-

  • be capable of making their own personal/financial decisions
  • have the ability to communicate the decisions
  • understand the ramifications of a decision
  • the responsibility of the Enduring Power of Attorney is taken on voluntarily

How Do I Obtain a Power of Attorney?

Download form on website www.justice.qld.gov.au or engage the services of a solicitor or Public Trustee

Aged Care and the effect on Estate Planning

- Frequently asked questions:

Q; What happens if a person dies suddenly and it is unknown if they have a valid Will?

A; It is a sad fact of life that none of us know what the future holds and accidental or early death can occur.
Whether someone has died from accidental death, long or short term illness, suicide, or age, if they have died without a valid Will

Clarity   :- The ability to simplify means to eliminate the unnecessary so that the necessary can speak.

Value    :- The measurement of the benefit that will be gained

Trust    :- Trust is built by many small actions overtime.