Wills & Estate Planning

15 Estate Planning Strategies You Must Consider!

Here are 15 Strategies you must consider:-

1. Simple Will

A simple will is cost-effective if it suits your circumstances. [Read more] 

2. A Will Incorporating a Right of Residence or Life Estate

A will incorporating a right of residence or life estate can be your solution if you have a blended family. [Read more] 

3. A Testamentary Trust Will

A testamentary trust will potentially give your family and lineal descendants great tax effectiveness and asset protection. They can also allow you to avoid passing control to any bad money managers among them. [Read more] 

4. A Statutory Will

A statutory will can allow people with an intellectual disability to have an appropriate will.  [Read more] 

5. A Special Disability Trust

A special disability trust allows you to provide for care and accommodation for beneficiaries with a disability tax effectively, while preserving their entitlement to benefits.  [Read more] 

6. A Private Family Company

 A private family company can potentially solve your business succession issues. [Read more] 

7. Family Discretionary Trust

A family discretionary trust can provide the tax effectiveness, asset protection and succession planning you need. [Read more] 

8. A Self-managed Superannuation Fund with Death Benefit Nominations

A self-managed superannuation fund with death benefit nominations allows tax effective saving for your retirement and a tool for estate planning. [Read more] 

9. Severing a Joint Tenancy

Severing a joint tenancy can give you more flexibility when it comes to passing on your co-owned real estate assets and prevent your property interests going to the wrong people. [Read more] 

10. A Power of Attorney

A power of attorney is a way to pass control of your financial affairs to the right people to during your lifetime. [Read more] 

11. An Appointment of Enduring Guardians

An appointment of enduring guardians is the way to pass control of your health care and lifestyle decisions to the right people if you need to during your lifetime.  [Read more] 

12. A Living Will or Advance Care Directive

A living will or advance care directive lets your family and healthcare professionals know your end-of-life wishes.  [Read more] 

13. A Life Insurance Policy

A life insurance policy can clear your home loan and other debts so that your spouse and children can survive financially in the event of your total and permanent disablement, or your death. [Read more] 

14. Mutual Wills

Mutual wills are wills made by spouses or partners at the same time, together with a contract to which they are both parties. [Read More]

15. Giving away inheritance while you are still alive

Giving away inheritance during your lifetime, it sometimes (but very rarely) may be appropriate to pass your assets (or a portion of your assets) to your children. [Read More]

To choose the best strategies for you, think about these:- 

  • Have you set things up so that your wealth can be managed if you have an accident, have a stroke or get dementia?
  • Have you set things up so that someone you trust can manage your healthcare and lifestyle if you are unable to manage your own affairs?
  • Have you got documents in place that allow your family to preserve your assets after you die?
  • Are you leaving things so that your family and future generations can avoid paying more tax than necessary?
  • Are you leaving things so that your wealth left behind will not be lost by your children and future generations if they go through a divorce?
  • Are you leaving things set up so that the wealth you leave behind will not fall into the hands of family members who have no money management skills?
  • Will you be leaving things so that the wealth you have accumulated during your lifetime will not be lost to your children’s creditors if they hold a directorship in a company that goes bad or strike other financial misfortune?
  • Do you need to leave things so that your wealth will “skip a generation” or otherwise be kept out of the clutches of your children’s spouses or partners?
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