HLB Mann Judd Brisbane Partner John Woodhouse says it is important to include your accountant during the estate planning process to ensure that your wealth and estate is distributed according to your wishes.

With a rapidly aging population, estate planning for baby boomers is entering a new generation with more than just a solicitor needed.

Baby boomers have rapidly acquired wealth, well beyond previous generations, and with an increasing number of deceased estates legal disputes, the importance of good planning is even more pertinent.

Although you traditionally only speak with a solicitor when planning your estate, it is important to involve other advisors like accountants.

The key to effective estate planning is proper and practical preparation which will ensure your estate is distributed according to your wishes and leaving your family in a better financial situation.

This planning will help avoid potentially lengthy legal battles arising from family disputes - but where do you go for the right advice?

When planning your estate you need to speak not only to a solicitor but ideally your accountant as well, as they will have the greatest understanding of your financial situation and where your assets will go.

Consulting your accountant is vital as you usually deal with them at least annually and they have detailed knowledge of your situation through annual financial statements and tax returns.

Accountants are educated to provide practical solutions to estate planning. It is the job of the solicitor to do the proper legal documentation around these solutions.

The most common problem areas in estate planning are Family Trusts and Self Managed Super Funds.

Baby boomers in particular need to be conscious that family disputes from poor estate planning are rising sharply, so now more than ever, proper planning is necessary to avoid such a scenario.

Our office is currently advising on five separate estate disputes - more than we've had over the last 10 years in total - which is clear evidence that more preparation and consultation in estate planning is needed.

About HLB Mann Judd Brisbane:

HLB Mann Judd Brisbane is a mid-tier chartered accounting firm with more than 30 years experience and is part of the HLB Mann Judd Australasian Association.

HLB Mann Judd Brisbane provides services including audit and assurance, business services, wealth management and tax consulting.

With eight partners and more than 80 staff in their Brisbane CBD office, they are well placed to service clients of all sizes and from a range of industries with specialties in the property, medical, legal and hospitality industries.

Visit the HLB Mann Judd Brisbane website.