It's the conversation that nobody want to have, yet everybody must have. What will happen to you, your loved ones and your assets if you become sick or die?
We don’t have answers to these questions but what we do know is that it is vital to ensure, while fit, competent and able that you safeguard your financial affairs by giving a spouse, relative or close associate your enduring power of attorney (EPOA).
This enables your EPOA to act on your behalf if you become sick, are quarantined for a long time or become incapable of managing your financial or health affairs. In addition, your EPOA may be given the power to take your position as trustee of a self-managed super fund if your deed allows.
Each State has its own EPOA legal requirements which we are fully aware of.
As accountants & financial advisors we are best placed to truly understand your personal and business structure to discuss with you
your wishes, identify a tax efficient strategy for your estate planning, and ensure this is all correctly articulated to the lawyer so
that your will truly reflects your intentions.
SMART Business Solutions strongly advocate the implementation of a Will, Testamentary Trust and EPOA.
We have teamed up with lawyers and specialist estate planning advisers to provide an EPOA, Testamentary Trust and Wills package.
As your adviser we recommend that together we undertake a fast and simple three step process to implement your EPOA, Testamentary Trust and Will:
The person who you nominate as your EPOA can also be the Executor of your Will to ensure safety, certainty, security and continuity.
It may be more than one person – known as joint EPOAs and Executors.
After appointing a chain of Executors to manage your estate, the next step is to guide your Executor with your desire to make a specific gift to a spouse, child, grandchild or other person. Once this is done and the gifts are made, anything left over forms the remaining estate which may be passed in its entirety to a spouse or children individually or to be shared. Importantly, specific gifts rank higher in importance than the remaining estate, so we recommend spending time on planning your specific gifts.
The more specific gifts you appoint will ensure your requests are executed easier and faster.
EXAMPLE 1: "My investment property at 28 Sunny Beach Way, Mornington, Vic, is to go equally to my three children, Ben, Sam and Max."
EXAMPLE 2: "My friend Sarah Smith is to receive $100,000."
EXAMPLE 3: "All my estate is to go to my wife, Jackie."
EXAMPLE 4: "Donate $50,000 to my favourite charity, Beyond Blue."
Since everyone's needs are different, we'll build a package and quote for the level of protection best suited to you.
Just call us on 03 5911 7000 to get the conversation started.