For complex or simple personal structures, estate planning is critical to secure the future for your surviving relatives when you die. Grosvenor can assist you with your Will, including Wills incorporating testamentary trusts (which can be very tax effective), obtaining probate and administration of estates.

Estate Planning no longer means simply having a Will. It requires a methodical, integrated approach from accounting, financial planning, and legal professionals working to develop strategies to cope with the intricate range of family issues, investment products and business and taxation structures confronting clients today.

Grosvenor has endorsed a small panel of approved providers that are able to fulfil the estate planning requirements of clients. We are able to share with them our in-depth knowledge of a client’s financial affairs thus limiting the time the client would otherwise have to spend in imparting the required information.

A will determines the distribution of your hard earned lifetime assets and ensures your family is properly taken care of after you die. For some assets, the distribution is made without reference to your Will. There are important tax rules involving the disposal of assets by beneficiaries and also regarding the running of a business.

Without a Will

• Control of your estate may end up in the hands of a complete stranger
• A Government-decreed ‘statutory order’ can distribute your estate contrary to your wishes
• Family members may unintentionally receive unequal after-tax distributions
• Your estate and beneficiaries might pay more tax than otherwise needed
• Unintended persons could receive a benefit from your estate, including the Government
• Expenses and time will be incurred in arranging for someone to handle your estate
• Your estate could incur high costs for trustee commissions in the hands of a trustee company

A Discretionary Testamentary Trust Within a Will

• Can provide for your family without risking (estate) assets
• Can provide beneficiaries with tax saving, income splitting benefits
• May protect trust assets in the event of the bankruptcy of a (purely discretionary) beneficiary
• May protect trust assets in the event of the divorce of a (purely discretionary) beneficiary
• Might exempt the ‘interests’ of a (purely discretionary) beneficiary from being taken into account under Social Security asset tests (although income tests may apply to income received)

An Enduring Power of Attorney

Enables a trusted person/s to look after your affairs whilst you are incapacitated and ensures your assets are not frozen.

Without An Enduring Power of Attorney

• If you become mentally incapacitated, your assets are frozen
• No one is able to touch your assets to pay your bills or manage your personal/business affairs
• Your affairs may end up in the hands of the Government Protective Office
• Your affairs may be handled in ways you never intended.

Estate planning is a fundamental aspect of a client’s financial affairs and is reviewed by Grosvenor on an ongoing basis.