Strategy

There are 2 key preliminary steps in an estate planning strategy, ie:

• Identifying the objectives to be achieved, eg the vulnerability of adult children or the care and education of children or grandchildren; and
• The structure of assets held, eg personally owned, jointly owned, in superannuation or in one or more family trusts, as well as any anticipated changes to that ownership structure.

An estate planning strategy can then identify any risks associated with the current structure, eg personal exposure to business risk or the risk of the wrong members of a blended family (or a hostile family member or the estranged spouse of a family member) benefitting.
The strategy can identify the tools available to achieve the estate planning objectives and the steps needed to achieve a satisfactory outcome. The strategy may also impact on future investment decisions, eg ownership of a family home or an investment portfolio.