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Estate Planning

Effective financial estate planning ensures that your financial affairs are arranged so that those you care for will be financially looked after when you die.

We help you to navigate the necessary elements of an effective and comprehensive estate plan including:

  • Liaising with your Solicitor
  • Completing Binding Death Nominations
  • Preparing Executor’s Dossier
  • Providing tax effective estate planning including advice on superannuation and discretionary trusts

So what is Estate Planning?

Estate planning is not about accumulating wealth, it’s about transferring wealth to those you care for when you are gone. We can show you how to preserve and manage any assets when transferring them across generations through effective estate planning.

When Estate Planning, GK Financial Services Group considers your:

  • Last Will and Testament – do you have a current will? A valid Will ensures that your intentions are fully carried out after you’ve gone. A solicitor can draft a Will in accordance with your wishes. However, they may not be able to advise you on how your assets can be most tax-effectively distributed. This is where a financial planner can assist you.
  • Superannuation – do you have a binding death nomination to the trustee of your superannuation fund?
  • Taxation – what are your taxation implications? We can advise you on how you can structure your estate to ensure your assets are distributed in a tax-effective way.
  • Small business or partnership – is your partnership subject to a buy/sell arrangement with the other partners? In these circumstances your share of the business would automatically pass to the remaining partners (usually in exchange for the proceeds of an insurance policy).
  • Power of Attorney – do you have appropriate legal documentation that appoints another person to make legal and/or medical decisions on your behalf. It is particularly useful should something happen where you are temporarily unable to sign documents.
  • Testamentary Trust – do you need a testamentary trust? This is a trust created in a person’s will, which is activated upon the death of that person. It can protect assets for the benefit of younger children or others with special needs or those unable to manage their inheritance responsibly. Trusts may provide some tax benefits in certain situations.
  • Social security – Do you have a beneficiary with Centrelink benefits? If so, they may be able to preserve their benefits by contributing part of their inheritance to a super fund or creating an income stream.

Estate planning can be complex, but at GK Financial Services Group we understand that the transfer of your wealth to the ones you care for is critical to your peace of mind. Contact us for a free initial consultation with one of our expert advisers.