Estate Planning

Estate Planning in Greensborough

Melican Partners Financial Planning offers estate planning and advisory services to people in the Diamond Valley, Greensborough, Eltham, Doreen, Macleod, Watsonia, Rosanna, Lower Plenty and Diamond Creek areas. Our estate planning advisors can assist with the creation of an estate plan in the case of your incapacitation or death.


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What is Estate Planning?

Estate planning involves organising and managing your assets and affairs in preparation for your death or in the case you are incapacitation. Estate planning is a process that helps you create a will and other legal documents that will direct the distribution of your assets after you die. It can help avoid disputes among family members about who gets what and provide financial guidance in cases of illness or incapacity. Estate plans can also ensure that your wishes are respected and that your loved ones are protected. 


Many aspects of estate planning include wills, trusts, power of attorney, advance directives, and more. The best way to approach estate planning is to consult an experienced advisor who can help you understand your options and make the best choices for your unique situation.

The Purpose of Estate Planning

Estate planning makes arrangements for the disposal of your assets after you die. It involves creating a plan to ensure your loved ones are taken care of financially and that your wishes regarding your funeral and final resting place are respected. Estate planning can be a complex and emotional process, but it is an important one.


The first step in estate planning is to list all your assets and debts such as; your home, investment properties, vehicles, savings accounts, life insurance policies, retirement accounts, and other valuable possessions. You will need to make a list of any outstanding debts, such as mortgages, car loans, credit card balances, and medical bills.


When you have decided how you want your assets to split, you need to create legal documents to ensure those wishes are respected, including a will, trusts or Powers of Attorney.

Types of Estate Plans

An estate plan is a document that sets out your wishes for how your property will be split upon your death. There are many types of estate plans, but they all have one goal: to protect your assets and make sure they go to the people you want them to


The most common type of estate plan is a will. A will names the person who will inherit your property if you die without children or if you leave your property to someone other than your spouse. A will also appoints guardians for minor children and specify how your property will be transferred upon your death.


Wills can be made for any reason, but some common reasons include: keeping estate taxes low, leaving donated money or property to charity, and planning for future deaths in the family. There are many different types of wills available, so it is crucial to choose the will that best suits your needs.


Here are some tips on how to make a will:

  • Choose a date for the creation of your will, this might be a few months after you make it or even years later. If something happens before you make your will, it may be difficult to change or update it later.
  • Decide who should get what from your estate, including everything from money and property to sentimental items like paintings and furniture.


A trust creates a legal entity that holds your property for you and makes decisions on its behalf. A trust can be started before you die or it can be created after you die by modifying an existing will or trust document. The trust can hold title to your property, pay off debts and taxes on your behalf, invest your money, and more. Trusts can also help you reduce your tax burden, especially for capital gains and income taxes.


To create a trust, you first need to gather information about your assets and identify whom you want to have control over them. Once you have this information, you can create the trust document.


Here are some tips for setting up a trust:

  1. Consult with an estate planning advisor to create the best trust for your unique situation. An advisor can help you understand the different types of trusts available and provide guidance on choosing the right one for your needs.
  2. Identify your assets and who will have access to them after your death. Include shares in a company, real estate, jewellery, artwork, and other valuable items in your list of assets to protect.
  3. Decide who will serve as trustee for your trust. This person will have authority to manage and administer your assets on your behalf.

The Benefits of Estate Planning

Estate planning is a crucial process that can help protect your assets and your family when you die. While it may seem overwhelming, estate planning can be relatively straightforward. Here are some of the benefits of estate planning:

  • Estate planning can help you avoid probate. Probate is the legal process through which your assets are split after your death. It can be lengthy and expensive and may tie up your assets, for months or even years. By creating a trust, you can bypass probate altogether.
  • Estate planning can help you protect your family in the event of your death. If you have young children, estate planning can help ensure that they are taken care of financially if something happens to you. You can also use estate planning to designate who will make medical decisions on your behalf.
  • Estate planning can help you minimise taxes on your estate. There are several ways to do this, including gifting assets to charity or setting up a trust. By working with a qualified financial advisor, you can ensure that you minimise the tax you pay as capital losses and family debts can affect taxes substantially.

The Process of Estate Planning

There are many different aspects to estate planning, but some of the most important elements include creating a will, setting up trusts, naming beneficiaries, and making funeral arrangements. You should also consider issues like long-term care and asset protection.


The best way to approach estate planning is to work with an experienced financial advisor who can help you understand your options and ensure that your plan suits your unique needs.

Who Needs Estate Planning?

You may not think you need estate planning, but if you have any assets—or even just a few possessions it is worth considering. Here are a few situations in which estate planning can be helpful:

  • If you have young children, you may want to appoint a guardian if something happens to you and your spouse.
  • If you’re married, you may want to consider what would happen to your spouse if you died. Would they be able to keep the family home? Would they have enough money to support themselves?
  • If you’re not married you need to consider who would inherit your assets. You may also need to consider appointing someone to make financial and medical decisions on your behalf if you become incapacitated.


Estate planning can be complex, but it doesn’t have to be. A basic estate plan can be put together relatively easily and will give you peace of mind knowing that your loved ones will be taken care of in the event of your death.

Contact our team for Estate Planning Advice

Estate planning is a crucial process that everyone should go through. It can be a complex process, but it is worth it to ensure that your loved ones are taken care of in the event of your death. 


Melican Partners Financial Planning can assist with the many different aspects of estate planning. Contact our team for honest and straightforward advice from experienced accountants.