Estate Planning

Alex Granich is a member of the Society of Trust and Estate Practitioners (STEP).

Granich Partners have "literally"written the book on estate planning in Western Australia.

In 2002, we wrote and published the Granich Partners Estate Planning Guide in response to the more frequently asked questions that concern most of us regarding the development and protection of our assets.

The publication was a guide to the legal issues surrounding wealth creation, asset structuring, wills and taxes in Western Australia.

We produced a second edition of this guide in 2005, a third edition in 2012, a fourth edition in 2016 and we are currently in the process of publishing an updated fifth edition.

The word “estate” in the context of Estate Planning is used to mean your property or possessions: in other words, your assets.  Estate Planning means the planning or arranging of your assets in such a way so as to enhance their growth for your benefit during your lifetime and ensuring, upon your death, that your assets go to your beneficiaries in accordance with you wishes without unnecessary erosion by taxation or dispute.

It is common today for a large part of a person’s estate not to be held in that person’s name but to be held by family trusts, companies or superannuation funds. As a result you cannot “leave” these assets under your will.

There are ways of dealing with the control of these assets within your will and outside of your will however, there are strict technical rules that need to be at adhered to in this regard.

Our Estate Planning Guide deals with the following matters:

  • What is Estate Planning?

  • What happens to your estate if you die without a will?

  • What is a will and why it is necessary to have an up-to-date will?

  • Assets that you may feel you own but cannot give away in your will

  • Family trusts and how they work

  • Matters you should consider in your will if you have a family trust

  • Wills and overseas assets

  • Statutory Wills

  • Who can challenge a will?

  • What are the duties of an executor of a deceased estate – who should you appoint as an executor?

  • Enduring powers of attorney and of guardianship

  • Beware the high cost of a cheap will

  • Capital gains tax – the basics

  • Will and capital gains tax

  • Four areas of capital gains tax relief for small business

  • Family farm duty exemption

  • What is the best legal structure in which to hold your investments or conduct your business?

  • Testamentary trusts

  • What are the risks of being a company director?

  • Self-managed superannuation funds

  • Negative gearing

  • Financial planning