Over our lifetimes we will all accumulate assets. Estate planning is the process of designing a plan to achieve the ownership of these accumulated assets and/or the disposing of these assets in accordance with the owner's goals.

Depending on the individual, the various goals of estate planning will include making sure the greatest amount of the estate passes to the estate owner's intended beneficiaries. The plan may also include structures that minimise the amount of taxes one legally needs to pay. The plan should also include ways to avoid or minimise probate court involvement. Additional goals typically include providing for and designating guardians for children and planning for incapacity.

An estate plan may include tools such as Enduring Power of Attorneys, Wills and Family Trusts. It may also include the use of company structures and the ownership of various assets.

At WealthDesign we work closely with our client's legal advisors on this topic. Often estate planning can have major tax implications so we also include the accountants in this process.