Estate planning

Estate planning is more than a Will. It's about saving tax. It's about protecting the assets you have worked hard for. It's about a safe and smooth transfer of assets to loved ones. Estate planning is about peace of mind.

At Murray Nankivell we will help you set-up an effective estate plan to;

  • give you certainty as to how your assets will be managed if you are incapacitated and unable to look after your own affairs;
  • establish how and when it's best to distribute assets to loved ones;
  • cater for the current and future needs of your beneficiaries; and
  • protect your assets so that they pass to the right beneficiaries at the right time.

By having an effective estate plan in place, you will help your beneficiaries avoid difficulties and disagreements because you can;

  • stipulate the amount of ownership and control each of your beneficiaries has over your assets
  • reduce the tax payable on the income and capital gains earned on assets, and
  • ensure your assets are protected if the beneficiary is involved in any legal difficulties such as divorce or bankruptcy.

Areas to consider when developing your estate plan;    

  • Who gets what? - Have you thought about who will inherit which assets and in what proportions?
  • Paying off debt - Have you considered whether you have accumulated sufficient assets to provide for your family and pay off debts if you die? If you think there is not an adequate amount, your Murray Nankivell adviser will be able to recommend several ways to make up the shortfall.
  • Who's in charge? - Is there someone who has been chosen to manage your affairs for you if you're injured or sick and unable to control your investments?

Your estate plan needs to stay current;

It should be reviewed on a regular basis, and particularly when a significant event occurs such as:

  • commencing work;
  • changing employment;
  • getting married;
  • getting divorced;
  • the birth of children;
  • starting your retirement; and
  • the death of someone you have included in your estate plan.

Estate planning is a vital part of your overall financial plan and it should not be left until it's too late. The events (listed above) can be life altering for you and your loved ones and should prompt you to think about your estate planning needs and objectives.

Below is a selection of steps and questions that Murray Nankivell use to establish individual objectives and requirements to establish an effective estate plan;

  • Do you have a valid Will?
  • Have you reviewed/updated your Will since the last significant event (refer above) in your life?
  • Does your Will protect your assets to ensure they are not inappropriately diminished?
  • Do you know how much money your family would need if you died today?
  • Are you and your family financially protected if you were to suffer a serious illness/injury?
  • Are you and your family financially protected if you were to become totally and permanently disabled?
  • Have you appointed someone to look after your affairs if you die or become incapacitated?
  • If you are a business owner, have you considered exit strategies from your business?
  • If you are a business owner, have you planned for the future of your business after you die?

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