You’ve worked hard your whole life for your wealth and you want to ensure that it is protected and that you get to decide what ultimately happens to it.
Estate planning is about more than just writing a will and deciding who will benefit from your wealth when you are no longer around. It includes coming up with strategies to protect your wealth while you are still alive and ensuring that future generations of your family will be looked after.
There is no one-size-fits-all estate plan. Your situation is unique and your plan will need to reflect your assets, and your particular goals and wishes. Effective estate planning will give consideration to issues such as asset protection, business succession, the establishment of trust funds, superannuation, taxation and insurance. It will also put strategies in place for dealing with unforeseen events such as health problems that result in you being unable to manage your own financial or personal affairs in the future. Appointing a power of attorney and an enduring guardian can ensure that your wishes are heeded in that situation.
Planning ahead is the key to preserving and growing your wealth, both for your future and that of your loved ones. It can ensure that you get to decide what happens to your estate.
Constantly evolving taxation, superannuation and business laws can impact your wealth. For this reason, estate planning should be an ongoing process.
Fleming Law can provide specialist advice across the full range of estate planning areas and work with you to ensure that your plan takes into account any relevant law changes.
Some common questions about estate planning:
What kinds of things should my estate plan address?
Your retirement plans
Your business goals (eg who will succeed you?)
Your taxation position
Your plans for passing on your assets when you die
Strategies for dealing with unforeseen circumstances such as illness or relationship breakdowns within your family