Estate Planning is not just for those about to die, or the wealthy one who have to pay estate duty. Besides accepting death as a certainty, we must recognize its unpredictability. Besides accepting estate duty as inevitable, we must examine whether there are ways to save if not totally avoid estate duty.
The benefits of estate planning are many:
There are many benefits of preparing a will even if your assets are not going to be dutiable (i.e. to pay duty for it) Otherwise your assets will be distributed by a prescribed allocation method under Interstate Succession. (i.e. dying without a will) without a will. Do you know that only half of your assets will go to your spouse and the other half to your child (or children)?
If you have a big estate (and this includes cash and cashable assets like cars, jewelry, shares, club memberships etc) you should explore ways to reduce any potential estate duty. There are other ways than giving your money or assets away. And be careful of dying within 5 years of any gift, as these gifts will still be considered part of your estate.
You can consider trusts but there are many types of trusts so you have to be careful about choosing the right one.
If you are thinking of migrating you must be careful about how this will affect your estate.
Contact us if you need to know about any of the following:
We work with lawyers and accountants on our panel.
Estate planning is just one of the components of a comprehensive financial plan. We provide planning and advice on protection planning, investment planning, tax planning and retirement planning also.
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