Estate Planning

Elise is 67 years of age working part time as a teacher. She cares for her grandchildren two days per week. Elise recently received a large life insurance benefit following the passing of her husband and has sought financial advice to maintain her lifestyle whilst also providing for her family when she passes.

Elise explains to her financial adviser that her eldest daughter has always been financially responsible and is happily married with two young children; however, her son has difficulty managing his finances, is recently separated, and has no children.

Her financial adviser looks into her existing super and identifies that although she will not be required to pay tax on her superannuation, if she were to pass away there would be a substantial tax bill as neither of her children are deemed ‘financial dependants’ under current regulations. Elise’s financial adviser prepares a strategy to reduce, and potentially eliminate, this tax bill over the coming years.

Elise’s financial adviser discusses how she might like to distribute her legacy, including the treatment of superannuation assets, insurance benefits, and more complex structures such as testamentary trusts, to provide a lasting benefit for her beneficiaries.

Her financial adviser also recommends that she see her solicitor to revise her Will following her husband’s passing. Elise explains to her financial adviser that her previous solicitor closed their practice and asks for a recommendation. Her adviser recommends a trusted solicitor and offers to attend the meeting to provide an introduction and liaise directly with the solicitor to simplify the implementation of Elise’s wishes.