Estate Planning Essentials: What Should a Complete Estate Plan Cover?

Assets outside of your Will

Not all assets are legally owned and controlled in the same way.

Superannuation and life insurance may not automatically form part of your estate. Similarly, assets held within a company or trust may be controlled differently from property or investments you own personally. If you own a business, your estate planning may also need to address questions about future control, succession and the value of your business interests and how they will be distributed.

Will your estate have enough liquidity?

The value of your estate is not the only consideration. The type of assets you own can also make a difference to how your Will is drafted.

For example, a property or business may have substantial value but provide limited cash to meet debts, tax, expenses or gifts. In some circumstances, that could mean an asset needs to be sold as part of administering the estate.

Planning ahead allows you to consider these practical issues before they become a problem for your Executor or beneficiaries.

Your family circumstances matter

Effective estate planning also needs to be considered on a personal level.

The needs of beneficiaries, family dynamics, asset protection considerations and the practical work involved in administering the estate should all inform your plan.

Talk to Argon Law about your estate plan

At Argon Law, our role is to make the process manageable. We help you work through the relevant issues, understand your options and put in place documents that clearly record your decisions.

A carefully prepared estate plan can reduce uncertainty, support your family and give the people responsible for managing your affairs a clearer path forward.

Contact Argon Law to discuss your estate planning objectives and whether your current arrangements properly reflect your circumstances.

Frequently Asked Questions | Estate Planning Essentials

Q: Is a Will the same as an estate plan?
A: Not necessarily. A Will is central to estate planning, but other considerations can include superannuation, life insurance, trusts, companies, business interests and how your assets are legally owned or controlled.

Q: Does superannuation automatically form part of my estate?
A: Not necessarily. Superannuation and life insurance may not automatically form part of the estate, which is why they should be considered as part of the wider planning process.

Q: What should business owners consider when estate planning?
A: Business interests can raise additional questions around control, succession and value, particularly where the business represents a significant part of your wealth.

Q: Does the value of my assets determine how complex my estate plan should be?
A: Not by itself. The nature of your assets, beneficiary needs, family dynamics, asset protection and practical administration requirements is also relevant.