Estate planning and wealth transition 

It is a common misconception that estate planning is simply a matter of gifting your wealth to your intended beneficiaries through a will. However, this only applies to personal assets. 

Estate planning and wealth transition can be a lengthy process. If planned well, it can provide peace of mind for those wishing to pass their wealth to the next generation and others of their choice. 

Not all assets can be gifted without specific documentation and procedures, for example superannuation, assets held on trust or business assets held by a corporate entity. 

In the absence of a binding death benefit nomination, the passing of superannuation death benefits is at the discretion of the trustees of the superannuation fund. These can be retail funds or self-managed superannuation funds. 

Assets in companies or trusts are considered non-estate assets, each of which is governed by specific documentation, control and transfer of these assets require reference to trustees, directors, guardians, or appointors. 

Differing processes affecting transfers of wealth can trigger additional taxes, stamp duty or legal costs to your estate or your beneficiaries personally. 

To ensure your assets can be directed in accordance with your personal wishes you should seek both accounting and legal advice. As your advisers, at EQ8 we can assist in formulating a plan to suit your personal wishes and connect you with our affiliated lawyers.