When we talk about “asset planning,” many assume it’s only for the wealthy, something to consider later in life, or a topic to be avoided because it’s not easy to confront mortality. But planning ahead is important, regardless of income, age, or relationship status.
Asset planning is about protecting your home, your savings, and the people you care about, and reducing the risk of difficult and expensive disputes after you’re gone.
Start With a Will
Asset planning begins with understanding what will happen to your property when you die and help ensure your intentions are carried out. A will is the cornerstone of asset planning. It lets you decide who inherits your property, who cares for minor children, and who administers your estate. Without one, rigid legal formulas apply, which may not reflect your wishes. But note that, jointly owned assets pass to the survivor automatically and Trust assets are not owned by you so don’t fall under your will.
On death, a surviving partner can choose between receiving in accordance with the will, taking their share of relationship property or if there is no will then receiving as per the intestacy provisions. However, where a spouse/partner or children consider they haven’t been adequately recognised they may also bring a Family Protection Act claim.
Consider a Contracting-Out Agreement
For couples, asset planning means understanding how the Property (Relationships) Act affects pre-relationship assets.
Contracting-out agreements can help define what property sits outside the ‘relationship property’ pool and how it is to be treated upon separation or death. This is especially important where there are second or later life relationships or the need to ‘ring fence’ pre-relationship assets.
Regularly reviewing your agreement i.e. 5 yearly, ensures that it still meets your expectations as your relationship evolves.
Consider a Trust
Trusts remain a valuable tool in asset planning, particularly for those who want to protect assets for future generations, manage family wealth, provide for vulnerable beneficiaries or minimise exposure to relationship or business risks. Trusts can help separate personal ownership from long-term stewardship of assets which are held and utilised for the benefit of identified beneficiaries.
However, trusts must be properly structured, administered, and aligned with your will and other estate planning documents. A trust is not a “set and forget” tool. It requires careful thought and ongoing management to ensure it actually achieves what you intend.
Asset Planning Is About Peace of Mind
Ultimately, asset planning is about caring for those you love. With the right documents in place and a clear understanding of the law, you can minimise conflict, reduce costs, and ensure your legacy goes where you want it to. Planning now can save significant emotional and financial cost later.
How We Can Help
At Schnauer & Co Lawyers, we can help you navigate asset planning with clarity and confidence, from wills and contracting-out agreements to relationship property, trusts, and estate matters. If you’d like tailored advice, our team is here to help you protect what matters most.