Estate planning is a broad term to define all the planning that one undertakes to manage & protect their assets in the event of incapacitation or death.

This not only involves one’s will, but also involves power of attorneys, superannuation binding death nominations, Trust Deed clauses and many more.

Whilst many of these legal documents need to be prepared by your solicitor, at Chatham House Accounting we have intimate knowledge of our client’s circumstances and structures and will work in with your solicitor to make sure that you achieve the desired outcome.

Asset Protection refers to strategies to guard one’s assets from creditor’s claims, whilst doing so legally. It is particularly important for ‘at risk individuals’ such as business owners and company directors.

A Superannuation Binding Death Nomination is a document that an individual can complete to nominate who they want their Superannuation Death Benefit to be paid when they pass away.

An effective nomination will mean that the Superannuation Death Benefit will be paid directly to the nominated individual or the nominated individual’s superannuation account, upon the member passing away.

They are an important part of Estate Planning as Superannuation Death Benefits can potentially have tax consequences for the individual who receives the benefit, depending on which family member the benefit is paid to.