Estate Planning & Transfer of Wealth
Determine How Estate is Divided Between Family Members
Protect and Distribute Assets After You or Your Loved One Passes
Estate planning involves developing a strategy to deal with the distribution and protection of your assets after you or a loved one passes. It is the legal instruments and structures, such as a Will, you put in place to transfer your assets in the event of death.
This is an important process as it helps determine how your estate is divided and can help lessen the legal burden for surviving family members at what would already be a difficult and emotional time.
An Estate Plan Involves Much More than a Simple Will
Although it's important to have a valid Will, an estate plan covers many other aspects relating to the transfer of your wealth after you pass away. Family trusts, powers of attorney and the tax implications for beneficiaries can all be managed with an estate plan. Also, with blended families becoming more common in recent times, estate planning has become more important for those with complex family structures.
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Estate Planning Can Cover Your Family in Many Aspects
- Stipulate the amount of ownership and control what each of your beneficiaries has over your assets
- Reduce the tax payable on the income and capital gains earned on assets
- Ensure your assets are protected if the beneficiary is involved in any legal difficulties such as, divorce or bankruptcy
- Minimise your tax burden
- Conduct business succession planning if you own a business
Mintwell gives the advice a client will need to conduct the right Legal and Insurance meetings and appointments. We help clients navigate the probate laws and tax regulations in their state/territory when managing estates and inheritances, especially when tax thresholds are pending.
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