--- title: Important Estate Planning Questions to Ask Yourself description: Estate planning may not be the most exciting or pleasant thing to think about. However, it's important to take steps toward caring for your family. image: https://www.altusfinancial.com.au/hubfs/Banner_Images/Important-Estate-Planning-Questions-to-Ask.jpg --- [![Logo](https://www.altusfinancial.com.au/hubfs/Logo.svg "Logo")](https://www.altusfinancial.com.au/) - [![](https://www.altusfinancial.com.au/hubfs/1.%202017%20Assets/Dark_Phone.svg)](tel:+61289083444) [![Talk with us](https://no-cache.hubspot.com/cta/default/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36) ##### Accounting & Business Services ##### Wealth Services ##### Lending Sources ##### [Need Real-life Advice?](https://www.altusfinancial.com.au/request-a-consultation) [![Talk with us](https://no-cache.hubspot.com/cta/default/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36) [![page-1 (5)](https://www.altusfinancial.com.au/hubfs/page-1%20(5).svg "page-1 (5)")](https://www.altusfinancial.com.au) - ![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/group-14%20(1).svg)![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/group-17%20(1).svg) - ##### MENU - [![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/phone-call%20(6).svg)![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/phone-call-2.svg)](tel:1300832962) - ##### MENU [![Talk With Us](https://no-cache.hubspot.com/cta/default/512115/11099956-4246-4311-83f2-64fc6560f370.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/11099956-4246-4311-83f2-64fc6560f370) - [![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/phone-call-2%20(1).svg)](tel:+61%202%208908%203444) - ![](https://www.altusfinancial.com.au/hubfs/close.svg) CLOSE - [Instagram](https://www.instagram.com/altus_financial/) - [LinkedIn](https://www.linkedin.com/company/2339369/admin/) - [Facebook](https://www.facebook.com/AltusFinancial/) - [Business (242)](https://www.altusfinancial.com.au/blog/topic/business) - [Strategy (150)](https://www.altusfinancial.com.au/blog/topic/strategy) - [Wealth (142)](https://www.altusfinancial.com.au/blog/topic/wealth) - [Super (56)](https://www.altusfinancial.com.au/blog/topic/super) - [CFO (48)](https://www.altusfinancial.com.au/blog/topic/cfo) - [Growth (38)](https://www.altusfinancial.com.au/blog/topic/growth) - [Business Succession (25)](https://www.altusfinancial.com.au/blog/topic/business-succession) [![Helpful Resources](https://no-cache.hubspot.com/cta/default/512115/11b7293b-309b-4f1b-af85-27ec1dd19a35.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/11b7293b-309b-4f1b-af85-27ec1dd19a35) Request a Consultation - Close![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/close%20(3).svg) ## Request a Consultation - [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth) - [Super](https://www.altusfinancial.com.au/blog/topic/super) - [Tax](https://www.altusfinancial.com.au/blog/topic/tax) # [Division 296 tax: what high-balance super members need to do now](https://www.altusfinancial.com.au/blog/division-296-tax-what-high-balance-super-members-need-to-do-now) From 1 July 2026, Division 296 will introduce additional tax on superannuation balances above $3 million. For many Australians, this will be a marginal change. For high-balance super members, it’s something more significant — a shift that could reshape how sup..... ###### Altus Team #### Latest Posts [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth), [Super](https://www.altusfinancial.com.au/blog/topic/super), [Tax](https://www.altusfinancial.com.au/blog/topic/tax) ##### [Division 296 tax: what high-balance super members need to do now](https://www.altusfinancial.com.au/blog/division-296-tax-what-high-balance-super-members-need-to-do-now) [Business](https://www.altusfinancial.com.au/blog/topic/business), [FBT](https://www.altusfinancial.com.au/blog/topic/fbt), [Accounting](https://www.altusfinancial.com.au/blog/topic/accounting) ##### [Common FBT Questions and Answers](https://www.altusfinancial.com.au/blog/common-fbt-questions-and-answers) [Super](https://www.altusfinancial.com.au/blog/topic/super), [Business](https://www.altusfinancial.com.au/blog/topic/business) ##### [Pay Day Super Is Coming: What SMEs Should Be Doing Now](https://www.altusfinancial.com.au/blog/pay-day-super-is-coming-what-smes-should-be-doing-now) [Lending](https://www.altusfinancial.com.au/blog/topic/lending) ##### [Supporting the Next Generation into Property](https://www.altusfinancial.com.au/blog/supporting-the-next-generation-into-property) [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth), [Budget](https://www.altusfinancial.com.au/blog/topic/budget), [Risk](https://www.altusfinancial.com.au/blog/topic/risk) ##### [Rising Insurance Premiums: What’s Really Going On, and What You Can Do About It](https://www.altusfinancial.com.au/blog/rising-insurance-premiums) [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth), [Estate Planning](https://www.altusfinancial.com.au/blog/topic/estate-planning) - 4 min read ## [Important Estate Planning Questions to Ask Yourself](https://www.altusfinancial.com.au/blog/important-estate-planning-questions-to-ask-yourself) ###### Adam Montana - SHARE: - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://www.altusfinancial.com.au/blog/important-estate-planning-questions-to-ask-yourself) - [**](https://www.twitter.com/share?url=https%3A%2F%2Fwww.altusfinancial.com.au%2Fblog%2Fimportant-estate-planning-questions-to-ask-yourself) - [**](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.altusfinancial.com.au%2Fblog%2Fimportant-estate-planning-questions-to-ask-yourself) Estate planning may not be the most exciting or pleasant thing to think about. However once you begin, you’ll see that it allows you to take control of the future in important ways and to take steps toward caring for your family after you’re gone. [Estate planning](https://www.altusfinancial.com.au/latest-news-1/10-estate-planning-strategies-to-protect-your-family-and-assets) can be a complicated process involving several moving parts. Your answers to the following questions will guide you in your planning and clarify issues that may have worried you in the past. In this post, we’ll take a look at three fundamental estate planning questions, which we encourage you to ask yourself to reflect on your progress.   ## Where is your wealth going after you die? As it stands right now, where will your wealth go after you’re gone? If you’re not sure or if you don’t feel comfortable with the answer, that’s a clear signal that it’s time to put your financial house in order. After thinking about where your wealth will go according to your current arrangements, clear your mind and think about where you would *like* it to go. If you’ve been diligent about your estate planning, these two answers will be identical. If they’re not the same, you’ll need to make some changes or some new plans to ensure that your wealth will go where you want it to go after you die. [![New call-to-action](https://no-cache.hubspot.com/cta/default/512115/79434ba0-72aa-4fd6-ad75-bf4bd10e46a8.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/79434ba0-72aa-4fd6-ad75-bf4bd10e46a8) ## Is your estate being transferred in the most tax-effective way? Taxes can eat up a significant portion of an estate if the estate isn’t planned carefully. If you’re interested in [reducing taxes in estate planning](https://www.altusfinancial.com.au/latest-news-1/reducing-tax-in-estate-planning), discuss the matter with your adviser. During your discussions, consider the following strategies. ### Trusts Some people use [trusts](https://www.altusfinancial.com.au/latest-news-1/the-pros-and-cons-of-discretionary-trusts-in-australia) to reduce their tax burden, especially with regards to capital gains and income taxes. Trusts can also be used to provide for children with disabilities, making sure that assets pass to children if your surviving spouse marries again and even protect assets during a divorce of bankruptcy. ### Legal Advice Another tax-reducing strategy is to seek legal advice about the structure of your estate. For example, if you own a family business, you may be able to structure your business in such a way that you can minimise the tax obligation on your estate.   ## Is your will up to date and accurate? Nothing sabotages an estate plan like the absence of a clear [will](https://www.altusfinancial.com.au/latest-news-1/estate-planning-essentials-understanding-your-will). Key legal documents such as your will, [testamentary trust](https://www.altusfinancial.com.au/latest-news-1/the-pros-and-cons-of-testamentary-trusts-in-asset-protection), power of attorney and guardianship provide the framework for your estate. These documents help you to safeguard your assets and protect your family.  If you created a will when you were younger, you should re-evaluate it. Even if your goals and desires are the same now as they were then, your assets have probably changed. Additionally, you may need to make changes to your beneficiaries or executors.  We recommend reviewing your will yearly so that it’s always up to date. By scheduling a yearly review, you’ll have a regular time to review your goals, see if you’re on track and make any necessary changes. For more information about estate planning, taxes, wills or other issues that affect your estate, [get in touch with us](https://www.altusfinancial.com.au/contact-us) at Altus Financial. 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[Access the Checklist](https://www.altusfinancial.com.au/prospective-business-owner-succession) ![Business Owner - Succession Checklist_Resources](https://www.altusfinancial.com.au/hs-fs/hubfs/1.Offers/Business%20Owner%20-%20Succession%20Checklist/Business%20Owner%20-%20Succession%20Checklist_Resources.jpg?width=581&height=386&name=Business%20Owner%20-%20Succession%20Checklist_Resources.jpg) #### Featured authors [Adam Montana](https://www.altusfinancial.com.au/blog/author/adam-montana) [See all articles](https://www.altusfinancial.com.au/blog/author/adam-montana) [Alex Bouris](https://www.altusfinancial.com.au/blog/author/alex-bouris) [See all articles](https://www.altusfinancial.com.au/blog/author/alex-bouris) [Alex Thomaschuetz](https://www.altusfinancial.com.au/blog/author/alex-thomaschuetz) [See all articles](https://www.altusfinancial.com.au/blog/author/alex-thomaschuetz) [Altus Team](https://www.altusfinancial.com.au/blog/author/altus-team) [See all articles](https://www.altusfinancial.com.au/blog/author/altus-team) ###### Have a question for Adam Montana? 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[Send a message](mailto:adam.montana@altusfinancial.com.au) ![close (1)](https://www.altusfinancial.com.au/hubfs/Altus_LP_Images/close%20(1).svg) #### Related Insights [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth), [Super](https://www.altusfinancial.com.au/blog/topic/super), [Tax](https://www.altusfinancial.com.au/blog/topic/tax) - 9 min read ##### [Division 296 tax: what high-balance super members need to do now](https://www.altusfinancial.com.au/blog/division-296-tax-what-high-balance-super-members-need-to-do-now) [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth), [Budget](https://www.altusfinancial.com.au/blog/topic/budget), [Risk](https://www.altusfinancial.com.au/blog/topic/risk) - 5 min read ##### [Rising Insurance Premiums: What’s Really Going On, and What You Can Do About It](https://www.altusfinancial.com.au/blog/rising-insurance-premiums) [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth), [Strategy](https://www.altusfinancial.com.au/blog/topic/strategy), [Investments](https://www.altusfinancial.com.au/blog/topic/investments), [Asset Protection](https://www.altusfinancial.com.au/blog/topic/asset-protection) - 5 min read ##### [The Asset Allocation Life Cycle: How to Live Through Your Investment in 4 Key Stages](https://www.altusfinancial.com.au/blog/the-asset-allocation-life-cycle-how-to-live-through-your-investment-in-4-key-stages) [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth), [Strategy](https://www.altusfinancial.com.au/blog/topic/strategy), [Growth](https://www.altusfinancial.com.au/blog/topic/growth), [Investments](https://www.altusfinancial.com.au/blog/topic/investments), [Budget](https://www.altusfinancial.com.au/blog/topic/budget) - 9 min read ##### [5 Australian Money Books Every Investor Should Read](https://www.altusfinancial.com.au/blog/5-australian-money-books-every-investor-should-read) ## Financial insights you won’t delete. 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