Smart ways to deal with your estate

Our own mortality and the management of our estate are not issues many of us wish to think about on a regular basis, and often we put them in the ‘too hard’ basket.

But if we want our assets, including our business, to be distributed according to our wishes, we do need to make plans before it is too late.

Estate planning is more than just the preparation of a Will. It’s about protecting your assets, minimising tax and ensuring your money gets to the right people, at the right time, in the most tax effective way.

Ensuring you have sufficient insurance to provide for your dependants is also critical. This is particularly important for younger people who are still accumulating assets and have considerable debt.

The inclusion of a Testamentary Trust in your Will should be considered which provides protection of inherited assets and significant tax benefits.

Testamentary Trusts allow the income of the estate to be taxed more effectively through flexibility of distribution, as the income can be distributed to those beneficiaries that pay the lowest rate of tax.

By using a Testamentary Trust, children are treated as an adult for tax purposes and are not taxed at the penalty tax rates that normally apply to unearned income of those under 18.

Our detailed knowledge of your business affairs and family structures assists us in a review of your current Will or preparation of a new one. You may need minor changes to fit current taxation and superannuation laws or a complete change. We help clients navigate through the complexities and will work with your solicitor to achieve the best result for you and your family.

In the event of death, your executors can also seek our assistance not only with the preparation of financial statements and lodgement of returns, but with probate documentation, asset collection and debt payment. When trustees are required to hold assets for later distribution, we can help with investments, maintenance of records and distributions in accordance with the terms of your Will.

The time to act is now – don’t put it off any longer! Contact your William Buck advisor for more information.