Estate planning

Estate planning - an important part of wealth management

To protect your accumulated assets and secure your loved ones’ wellbeing and comfort, estate planning is an essential part of wealth management.

It’s a common misconception that estate planning is another word for a Will. A Will takes effect when you pass away. Essentially, it spells out how you want your assets to be shared, who will look after family members, any donations to charities you support or instructions about your funeral and burial arrangements.

An estate plan includes your Will but takes effect at the time it is signed. It’s an important document that must be regularly reviewed as it includes nominating powers of attorney, that is those who will manage your affairs in the event you become incapacitated.

Estate planning also confirms your binding nominations in your superannuation and life insurance policies, records of trusts, company documentation, beneficiary tax implications, non-traditional or complex family structures, and other legal considerations.

Collective Financial Partners’ team of experienced estate planning experts can help you create a robust estate plan that will protect your assets and ensure your wealth is transferred smoothly according to your wishes.

We will work closely with your legal advisors where appropriate to ensure your estate plan is tax effective and practical for your unique needs.

Your estate, your plan

We spend our lives earning money and building up our assets so it’s important that you have the final say in how your estate will be distributed when you pass away.  

When a person dies, if they have created a valid Will before their death, the executor nominated in the Will can apply to the Supreme Court for a grant of probate to administer their estate.

If the deceased did not make a valid Will before their death, they die as an intestate. The rules of intestacy in NSW are set out in the Succession Act 2006. In these circumstances, rather than the deceased’s executor applying for probate, the Supreme Court Will issue letters of administration. This allows an administrator to distribute assets in the manner prescribed by the intestacy rules. This means your assets will be divided up according to set formula, rather than following your plans.

But it’s just important to know how you’ll pass on this wealth when you’re gone. By creating a valid Will and getting started with your estate planning, you can rest assured that your wishes will be followed in the case of death.

It’s important to not only establish a valid Will, but keep it up to date as your situation changes (e.g. marriage, divorce, new family members, or selling assets).

While many Australians know the importance of having a valid Will, we see far too many neglecting to consider estate planning. While your Will covers your final wishes, an estate plan deals with a whole range of other aspects relating to your wealth management.

To ensure maximum protection for your family and assets, you need to put the right structures in place.

There are two things you should do:

That’s where we come in.

Our team will work closely with you to evaluate your goals, review your financial situation and go through your options to develop a robust estate plan that looks after your assets and your family after you are gone. We will guide you through the process, liaise with your legal representatives if required, and ensure your estate plan protects your assets from creditors, government, excessive tax and family disputes.


Plan for your future.

Download our free estate planning guide.
Don’t wait until it’s too late to complete your estate plan. Get on top of your estate plan by downloading our complete guide.
Estate planning, Estate Planning, Collective Financial Partners

Interested in more?

An estate plan is important for anyone and shouldn’t be left until the last minute. Contact us to start the steps needed to protect your family in the future.