Estate Planning enables you to consider and protect those you care about – by documenting, in a Will, how you want your assets (Estate) managed and distributed in the event of your death. Estate Planning is important to help your family and other beneficiaries to gain the maximum benefit from your Estate and ensure your family’s financial future when you’re not around.
Sound Estate Planning can also significantly reduce the chances of legal disputes, friction between family members and potential loss of benefits. The Estate Planning process can also have the ability to protect the interests of the Estate for its beneficiaries, often in a tax effective way, and protect assets if a beneficiary bankruptcy or divorce is a risk.
A carefully developed Estate Planning strategy can help to:
- provide for the orderly transfer of property;
- manage the Estate tax effectively;
- equalise the inheritances for the beneficiaries if required;
- provide for any special needs of family members and other dependants;
- recommend the appointment of a guardian for young children;
- ensure the availability of cash to pay necessary taxes and administrative expenses;
- identify the need to develop a succession plan for a family business;
- ensure the continued operation of a family business.
A Tasmanian Perpetual Trustees Estate Planner will consult your other professional advisers in order to get a full understanding of the family financial position and wishes of the Willmaker. From this initial consultation, which usually takes approximately one hour, an Estate Planning strategy is developed.
A Tasmanian Perpetual Trustees Estate Planner can also prepare your Enduring Power of Attorney document. An Enduring Power of Attorney enables you to choose who will manage your financial affairs if you ever become incapacitated or unable to make decisions.
As with many professional services our fees reflect the expertise and effort required to fulfill the legal and associated responsibilities of Estate Planning, the personalised nature of our service, and the benefits of peace of mind and security.
For more information about Estate Planning, contact our expert Estate Planners or make an appointment today.
