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

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.

Need estate planning advice? call us today

Some common questions about estate planning:

What kinds of things should my estate plan address?

  • Your lifestyle

  • 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

What happens if I don't have an estate plan?

If you have not planned ahead and put your affairs in order, then you may find that what happens to your estate is not at all what you would have desired. The Succession Act prescribes the process for distributing a person’s estate in the absence of a will.
Should you become unable to make personal decisions for yourself, in the absence of an enduring guardian with whom you have discussed your wishes, your living situation and medical treatment may not be what you would have wanted.
Put simply, a failure to plan ahead means you may relinquish your decision making power.

How will my estate be distributed
in the absence of a will?

If there is no will, then an administrator must be appointed by the Supreme Court of NSW to deal with the estate. They will distribute the estate in accordance with the rules contained in the Succession Act. These rules changed substantially in 2010 and can be very complex. For more information about distribution of estates in the absence of a will, please see our legal wills page.