Steps to Plan Your Estate

Creating an estate plan is a critical step in safeguarding your financial future and ensuring your assets are distributed according to your wishes. Whether you have a large estate or modest assets, developing a detailed plan is essential. 

Step 1: Providing Key Information 

1. Inventory of Assets and Liabilities 

Include a comprehensive list of all assets, such as bank accounts, investments, real estate, retirement accounts, and personal property. 

Disclose all liabilities, including mortgages, credit card debts, loans, and other obligations. 

2. Information on Family Members and Beneficiaries 

Gather personal details for all family members and potential beneficiaries. 

Collect documents related to trust deeds, company constitutions, insurance policies, and business interests. 

Step 2: Document Verification to Ensure Accuracy and Authenticity 

1. Review Existing Legal Documents 

Ensure all documents are up to date, reflecting current wishes and circumstances. 

Verify that beneficiary designations on accounts and policies are accurate. 

2. Legal Compliance 

Ensure all documents comply with state laws and regulations. 

Our team monitors any legislative changes that could impact your estate plan. 

3. Update or Create New Documents 

Amend outdated documents or create new ones as necessary. Key documents include: 

• Wills 

• Wills with Testamentary Trusts 

• Family Protection Trusts 

• Enduring Power of Attorney 

• Advance Healthcare Directives 

• Successor Director Solution 

• Protector 

• Business Protector 

Step 3: Seek Expert Legal and Professional Guidance 

1. Obtain Professional Services 

Complex issues, like business succession or special needs trusts, often require specialised guidance. 

Consult with our team for expert advice. 

2. Establish a Discretionary Trust 

Setting up a discretionary trust allows for flexibility in managing and distributing assets. 

A trustee can manage the trust and allocate assets according to specific needs, optimising tax outcomes and providing asset protection. 

3. Define Roles and Responsibilities 

Appoint key roles, such as executors, trustees, and guardians. 

Clearly outline each role’s responsibilities and success metrics, ensuring everyone understands their part in meeting the estate’s goals. 

4. Plan for Succession 

Appoint successors for key roles to ensure continuity if incapacity or death occurs. 

For long-term security and management of a discretionary trust, have a plan for appointing future trustees or appointors. This will safeguard the trust’s assets and ensure its smooth operation. 

While estate planning can be complex, these steps can help ensure your wishes are fulfilled. Remember, this isn’t a “set-it-and-forget-it” process. Regularly revisit and update your plan as life changes. With proactive planning, you can offer security and peace of mind for yourself and your family.