Safeguard Your Legacy: Estate Planning Services in Melbourne

Estate Planning involves the detailed and meticulous process of anticipating, strategising, and orchestrating the systematic distribution of your amassed assets, ensuring a seamless transition for your loved ones. By carefully considering and addressing uncertainties, implementing effective tax planning strategies, and maximising the overall worth of your estate, you can provide a firm foundation for the financial well-being of your family and future generations.

Estate planning is a primary process that requires anticipating and arranging the disposal of your accumulated assets. It aims to eliminate uncertainties surrounding probate administration while maximising the overall value of your estate by minimising taxes and related expenses. At our specialised estate planning service in Melbourne, we offer expert guidance and personalised assistance to help you navigate this complex journey.

Your estate encompasses everything you own – from your house, car, and investment property to bank accounts, shares, investments, life insurance policies, furniture, and personal possessions. Regardless of size, your estate is an integral part of your life and needs careful consideration. We understand that the old saying holds – “you can’t take it with you” when you depart this world. That’s why it’s crucial to address your estate’s management before it’s too late.

Estate planning isn’t just for those in their retirement phase – it’s a crucial consideration at any stage of life. While it becomes more relevant as we age and face uncertainties, such as illness or accidents, taking proactive steps towards estate planning should be on everyone’s “to-do” list sooner rather than later. Take your time with retirement; start planning today to ensure an assured future for yourself and your loved ones.

Contrary to popular belief, estate planning is reserved for more than just the wealthy. While those with significant wealth may focus on preserving and managing their assets, it’s relatively more critical for families with a modest amount of assets. This helps secure the legacies we leave behind.

Many individuals tend to defer their estate planning due to various misconceptions. Some believe they need to own more assets, while others think they’re too young to consider this vital aspect. Sometimes, people need more time to relax, be complacent, or understand the estate planning process and its necessity. Unfortunately, these delays often result in unnecessary stress and complications for their families after an unforeseen event. Let’s break these barriers and address the misconceptions surrounding estate planning.

Are you worried about what will happen to your assets and the management of your affairs if you become incapacitated or pass away? A well-crafted estate plan ensures your wishes are fulfilled and your loved ones are cared for.

Suppose you become mentally or physically incapacitated and are unable to handle your affairs. In that case, it’s important to note that proper planning is necessary for a court appointee to have the authority to sign on your behalf. This can lead to a lengthy, expensive, and frustrating process known as conservatorship or guardianship, where the court controls the use of your assets for your care. However, with a well-crafted estate plan, you can maintain your privacy and grant your chosen family members authority to manage your affairs.

Building an estate plan allows you to dictate how your assets are allocated and ensure your family retains control over them. Additionally, if you have young children, you can designate a trusted individual responsible for their upbringing. This proactive step gives you peace of mind, knowing your wishes will be fulfilled.

• Identify and develop future leaders
• Secure business continuity
• Provide insurance against extended illness
• Determine the fate of your business in the event of death
• Establish flexible business structures for tax efficiency
• Set pre-determined prices for the sale of ownership interests
• Create effective tax strategies for business sale
• Devise a comprehensive business succession plan with funding solutions
• Build confidence in your family’s ability to continue running the business

At Owen & Peach, our award-winning, multidisciplinary team of accountants, bookkeepers, and financial advisors collaboratively work towards achieving the most favourable outcomes for you. We understand the complications of estate planning and business succession, and our tailored solutions are designed to meet your unique needs.

Naturally, you would prefer that your personal affairs remain private and be managed by your family rather than being subject to court control. Additionally, you want to have a say in how your assets are distributed. Furthermore, if you have young children, you want to ensure that you have control over who will raise them in the event of your passing. An effective estate plan allows you to issue clear instructions to address all these concerns.

While a will provides instructions, it does not eliminate the need for probate. Any assets bearing your name or directed through your will must go through your state’s probate process before being distributed to your beneficiaries. This process can be expensive due to legal fees, executor fees, and court costs. 

Moreover, it can stretch for up to two years or even longer. In addition, probate files are typically accessible to the public, which means that excluded heirs can contest for a share of your estate. The court system, not your family, controls the entire probate process.

It’s important to note that not all your possessions go through probate. Assets held jointly or with designated beneficiaries (such as superannuation and life insurance) are not governed by your will. They can be transferred to the designated owner or beneficiary without probate. 

However, it’s essential to be aware of the potential issues related to joint ownership, as it does not guarantee probate avoidance. If a valid beneficiary is not nominated, such assets will still go through the probate process and be distributed alongside the rest of your estate. 

Additionally, if you name a minor as a beneficiary, the court will likely require guardianship until the child reaches legal adulthood.

It’s vital to plan your estate without delay. By designating the location of your financial records, titles, and insurance policies, you’ll make it easier for your family to handle your affairs in an emergency. Start with a basic estate plan, such as a will, life insurance policy, or enduring power of attorney, and adjust it as your needs and financial circumstances evolve. 

Although contemplating mortality may be uncomfortable, taking the necessary steps now will provide peace of mind for you and your loved ones.

Remember, securing your future begins with a comprehensive estate plan. Act now to protect your assets, maintain privacy, and determine the destiny of your legacy.

Achieve peace of mind knowing that your hard-earned wealth will be distributed seamlessly, in line with your wishes. Our knowledgeable team of Melbourne estate planning accountants at Owen & Peach is here to guide you through the intricacies of estate planning and business succession. Let us help you navigate this essential process with expertise and commitment.

Embark on the path to safeguarding the future of your wealth and business. Contact our esteemed estate planning accountants in Melbourne today for a complimentary consultation to set you on the right course.

Send your query to admin@owenpeach.com.au or call us at (03) 9509 0188.