Home / Services / Estate Planning

Your journey, your legacy, our commitment to your family’s prosperity.

How Coastal Advice Group Can Help?

Estate planning involves careful consideration of various factors. Financial advisers can play a crucial role in assisting individuals and families in navigating complexities such as:

Mitigating tax liabilities for both the estate and beneficiaries.

Ensuring assets are distributed according to the individual’s wishes.

Maximising benefits from superannuation and retirement assets.

Planning for the transfer of business assets to the next generation or a new owner.

Ensuring there are sufficient liquid assets to cover estate expenses.

Ensuring all necessary documents are in order and easily accessible.

Coastal Advice Group’s estate planning team takes a unique approach when working with clients, ensuring that their financial needs and goals are met. The estate planning process involves several steps, including:

Initial Consultation

The team begins by understanding the client’s assets, liabilities, and personal circumstances. This helps them identify potential risks and determine the best course of action for estate planning.

Needs Assessment

The team conducts a thorough assessment of the client’s needs, taking into account their family, financial situation, and goals. This helps them develop a tailored financial plan that takes their client’s unique estate planning requirements into consideration.

Plan Development

With the client’s estate planning needs and goals in mind, the team creates a comprehensive financial plan that references, for example; the Will and Last Testament, Testamentary Trust, Superannuation Binding Nominations, Power of Attorney and Enduring Guardianship, and Advanced Healthcare Directive.

Ongoing Reviews

The team regularly reviews the financial plan to ensure it adapts to changing circumstances, such as changes in the client’s financial situation, family dynamics, or tax laws. They will also check in to ascertain whether there have been any changes in their client’s personal or family circumstances which also require amendments to the estate plan and subsequently the financial plan.

Enjoy the Benefits of Estate Planning Financial Advice from Coastal Advice Group

Financial Security

Estate planning can help you achieve financial security by ensuring that your assets are well-protected and your loved ones are provided for in case of your death.

Comprehensive Approach

Coastal Advice Group emphasises the significance of estate planning as a critical component of an overall financial plan. This comprehensive approach ensures that your family’s financial future is secure and protected.

Peace of Mind

Working with both an experienced financial adviser from Coastal Advice Group and an estate planning solicitor can provide you with peace of mind, knowing that your assets and wealth are well-protected and that your wishes will be carried out effectively.

Personalised Guidance

The CAG team takes the time to understand your family and your goals, ensuring that the financial advice process is tailored to your specific estate planning needs and aspirations.

Well-Informed Decisions

Financial advice from Coastal Advice Group can help you make well-informed decisions about your financial and personal assets.

Frequently Asked Questions

What is a Will?

Every good estate plan starts with a Last Will and Testament.

A Will is a legal document that sets out who will receive your property and possessions when you die. In NSW, it is usually in your best interest for a solicitor, or the NSW Trustee and Guardian, or a trustee company to do your will for you.

To be valid a Will:

  • must be in writing;
  • must be signed; and
  • Your signature must be witnessed by two other people who also need to sign the Will.

With a Will, you may specify who will get your assets, including cash, investments, real estate, vehicles, jewellery, art, and other valuables. You may also utilise your Will to inform your loved ones about your funeral, burial, or cremation preferences. Without a Will, legal challenges from unhappy or estranged family members and other interested parties are common.

Why do I need an Executor?

You must choose an executor to guarantee that your instructions are carried out, and your estate is distributed accordingly. An executor’s responsibilities include collecting assets and paying bills so that your beneficiaries receive their inheritance. Select an executor you can trust and who is willing to handle this job.

Should I Have a Legal Guardian Assigned for My Dependents?

What would happen to your dependents if you died today? Are you prepared to provide for their care, including guardianship and money for their education and upbringing? If you have minor children, it is imperative that your estate plan addresses all these issues. It is a good idea to discuss this responsibility with your chosen guardian, should the situation occur, before they are officially appointed.

What is an Enduring Power of Attorney?

A Power of Attorney is a legal document that gives a nominated person the legal authority to act for you to manage your assets and handle financial and legal affairs on your behalf should you become incapable of doing so yourself.

What is an Enduring Power of Guardianship?

An Enduring Power of Guardianship is a legally binding authority for a person to make welfare and medical decisions for you if you become mentally incapacitated, similar to an Enduring Power of Attorney (EPA). You need to be able to rely on this person to know and respect your essential lifestyle and medical needs. See Advance Health Directive below.

Have I Laid Out an Advance Health Directive?

Your wishes may be expressed in an Advance Health Care Directive should you become incapacitated or otherwise unable to make medical choices for yourself. Your medical treatment options and how your body is treated might be specified in the event of an accident. An Advance Care Directive will make it easier for your loved ones and health staff if they need to make decisions for you.

Do I Need a Trust?

A testamentary trust is a trust that is written in your Will. It takes effect when you die, and it’s administered by an appointed trustee. If you have significant assets and several people who will benefit upon your death, then you may wish to start a Trust. This will give you control over the distribution of your assets, help you avoid probate, and potentially avoid estate taxes. It is this flexibility of a trust that allows you to protect your money and control how your children (or other beneficiaries) spend their inheritance.

Having a trust fund for your children makes sure they are going to be protected and financially secure no matter what happens to you. A trust allows you to keep money out of the hands of your children until they’re older and more able to handle it as you can set funds aside for essential future expenses, such as education expenses or paying off your home. Your children will gain control of the trust when they turn 18, however, you can also choose to defer trust access.