Estate Planning

Estate Planning


Do you have assets controlled by you, but not in held in your name? You should consider estate planning, as you need more than a Will to ensure any transfer upon your death is managed in a tax effective way.

Over your lifetime you will likely build up a range of assets and wealth. Upon your death, these will need to be distributed in accordance with your through an estate plan.

What is estate planning?

Estate planning is not just about having a Will, it’s about ensuring that the assets you control are transferred to your intended beneficiaries, in a tax effective manner.

Your Will only looks after assets in your personal name. Your estate plan considers assets that are in entities controlled by you, such as through companies and trusts and importantly, your superannuation.

As accountants and business advisors, we are in a unique position to understand where all your assets are held and who ultimately controls those entities. It is also important to understand how debts and liabilities are to be dealt with as some debts may be paid off, while others may transfer to your beneficiaries.

What should business owners’ consider?

For businesses owners’, part of your estate planning should ensure that you have a Buy/Sell Agreement in place with the other shareholders in the business and Buy/Sell insurance. This is important because some beneficiaries will not want to be involved in the business and wish to cash out of the investment as soon as practicable. Without this in place, the business may need to be sold to pay the estate.

Additionally, surviving shareholders will have an increased percentage shareholding and a Buy/Sell Agreement will ensure an unplanned shareholder will not be involved in the running of the business.

A practical and beneficial estate plan is a collaboration between you, your accountant, and your solicitor.

How can SW help?

SW is co-hosting a three-part webinar series on Estate Planning and Power of Attorneys with Burke & Associates Lawyers. Join us to learn more about how estate planning can assist you.


Matthew Oakey

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Heather Dyke

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Keegan O’Rourke

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