Estate Planning: Do I need more than a will?

While having a will is an important step in estate planning, you may need more legal documents than you think to ensure thorough planning and asset distribution for your future generations.

This is because a ‘Will’ or ‘Last Testament’ can only address assets that are directly owned by the testator (writer of the will). Many of us have a portion of our assets held in companies, trusts, and super funds, that we control but don’t own directly. This broad range of assets necessitates a more complex and structured estate planning process, meaning many more documents.

Some important points to note:

A Will cannot appoint a director of a company in your place. Directorship appointment requires compliance with the company’s constitution and approval from other directors or shareholders in advance.
Arranging the change of trustee for a discretionary trust also must follow certain steps to ensure a smooth transition and limit stamp duty issues.
Furthermore, discretionary trusts should have an ‘appointor’ that essentially has the power to remove trustees. The nomination of a successor for this role must be congruent with the terms of the trust deed.

We are aware this may all seem overwhelming, however, our team can guide you with your estate planning requirements in conjunction with an estate planning lawyer where necessary, empowering you to feel confidently in control of your legacy into the future.