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Estate Planning - Big Sky Financial Solutions

Estate Planning



Have you made a Will, or considered what will happen to assets such as your home, Superannuation or Investments? Take steps to ensure that your loved ones are protected and provided for.

Where there’s a will, there’s peace of mind

If you were to die without a Will (Intestate), your assets may not be divided according to your wishes. The points below illustrate some of the problems your family could face if you die without proper estate planning.

In most states and territories in Australia, if you die Intestate leaving behind a spouse and children, your spouse is entitled only to a prescribed amount, plus a portion of the remainder of the estate. The rest is divided between the children, regardless of their age.

Superannuation does not automatically form a part of your estate, leaving the trustee of the fund to choose where the funds are directed. Their decision may not be what you intended.

Money in joint bank accounts automatically passes on to the other account holder. This could mean that other loved ones cannot access assets that you may have intended for them. The same rule applies for homes owned in joint names.

A common response: No need to pay a Solicitor when you can get an Off-The-Shelf Will Kit to do the job!

But will the Off-The-Shelf Will Kit do the job you want it to do? Probably not. It’s possibly better than nothing.

If you want to be sure your hard-earned assets actually end up with the people you want them to go to, including those you control but don’t own (such as Superannuation), you’re much better off talking to an Estate Planning Specialist who can set up the right structure for you.

Here are some handy guidelines:

Assets less than $300,000, simple family structure:
A simple Will prepared by a Solicitor may be sufficient.
Assets more than $300,000:
A comprehensive Will, which ensures your wishes are carried out, accommodates changing family circumstances and minimises the tax impact on beneficiaries, is the answer.

Complex family structure; Former partners? Children from different partners? Step-children? Children who are not quite responsible enough at 18 to receive their inheritance?
If any of these describe your personal situation, a comprehensive Will is a must.

Good news! You can sort out your individual Will situation over the phone with the Big Sky Financial Solutions estate planning specialists for a very reasonable fixed price. Make sure that your family does not have to face these problems. Take a simple step and talk to us on 1300 700 189 or email us about estate planning.

Wills and Powers of Attorney are prepared by our strategic alliance partner Irongroup Pty Ltd.