Estate Planning: How to secure your legacy

Planning for the distribution of your assets after your passing is a challenging task, and we understand that it can be overwhelming to think about. But it’s important to keep in mind that estate planning is a crucial part of managing your finances. Ensure your loved ones are taken care of and your assets are distributed as per your wishes, tax-efficiently. pmwPlus is here to help you navigate this process with compassion and sensitivity. So, what exactly does estate planning entail, and how can our team assist you in this important matter?

The Cornerstone of Estate Planning: The Will

Losing someone you love is difficult and dealing with the aftermath can be overwhelming. That’s why having a will is so important. A will is a document that outlines how you want your assets to be distributed and your loved ones to be taken care of after you pass away. It also allows you to appoint guardians for your minor children and express your funeral and burial preferences. Having a legally valid and up-to-date will that reflects your unique circumstances and wishes is crucial. It ensures that your final wishes are carried out as you intended.

Estate Planning: How to secure your legacy

Beyond the Will: Assets and Ownership

It is crucial to know that the allocation of assets is not solely dependent on a will. Jointly-owned assets, superannuation death benefits, and assets held in trusts or companies have different rules when the owner passes away. Understanding the ownership structures and how they impact your estate plan is crucial for effective asset distribution.

Testamentary Trusts and Power of Attorney

Testamentary trusts allow for controlled inheritance distribution, tax benefits, and protection against misuse. An enduring power of attorney lets you appoint someone to handle your affairs in case you’re unable to do so.

Tax-Effective Estate Planning

When it comes to estate planning, it’s important to consider the tax implications that can affect your loved ones. You want to make sure that your beneficiaries don’t have to bear an unnecessary tax burden when they inherit your estate. One way to help reduce their tax liability is by using strategies such as discretionary or testamentary trusts. Your should consider these options for efficient estate planning and maximising your beneficiaries’ benefit from your estate.

The Role of Financial Advisers in Estate Planning

Finally, the process of estate planning can be complex and multifaceted, as it entails a range of legal and financial considerations that require careful attention and preparation.  Solicitors and financial advisers can collaborate to create an estate plan that accurately reflects your wishes.

In short…

Estate planning is an essential step in managing your financial legacy. It requires careful consideration of legal documents, asset ownership, and tax implications. By engaging with our team and staying informed, you can ensure your estate is managed according to your wishes, providing peace of mind for you and your loved ones.



General advice warning: The advice provided is general advice only. In preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.