Our firm offers comprehensive and effective Estate Planning Packages which:
Outlined is a brief explanation of the services provided by our firm.
Having a Legal Will ensures that your assets will be distributed to those family members and friends that you intend to benefit from your Estate. You can nominate a trustee to administer your Estate, a Guardian to take care of your infant children, and ensure that your assets pass to your loved ones upon your death.
If you pass away without a Legal Will in place then your Estate will be distributed according to the provisions set forth in the Succession Act and this can normally result in an unwanted outcome where your assets and wealth are distributed against your wishes. Further, your Estate will likely to incur further administration costs, tax implications with higher risk of the matter being litigated in Court.
The first step inestablishing an Estate Plan begins with establishing your Legal Will. A valid Will gives structure to your estate, allocates benefits from your personal estate as well as who is to administer the estate.
A common mistake in Estate Planning is assuming that a Will covers all the assets and wealth that you may have access to including such items as Superannuation. This why a comprehensive Estate Plan is strongly recommended for those who have investment
A Binding Death Nomination is in a sense a Will for your Self Managed Superannuation Fund (SMSF). As your SMSF does not technically form part of your Personal Estate (as you are a beneficiary of your SMSF), your Will has no bearing on how SMSF assets and wealth are distributed. It is vital that all SMSF’s have a Binding Death Nomination drawn up to avoid any unwanted distribution of wealth.
An enduring Power of Attorney is a specific Power of Attorney (POA) document that is activated when you loose the ability to be able to make legal decisions on your own (i.e, if you are incapacitated or suffer from dementia or Alzheimer’s) and nominates a trusted Attorney (oftenyour spouse) with specific powers to make decisions in relation to your financial and health matters. If you are to become incapacitated and you don’t have a POA in place then your family members will need to apply to a tribunal to appoint an Attorney which can be costly and ultimately against your wishes.
A Testamentary Discretionary Trust (TDT), sometimes referred to as a “Will Trust” is a flexible structure and can be designed to operate effectively in most scenarios. Some of the advantages of a TDT are:
(avoiding the Ferrari factor)
Let’s say that you have three children A, B and C and they are all of age and look after their own affairs. Three Trusts or separate funds would be created. A would be the Trustee (or controller) of his/her Trust and each of the other children would also control their Trust.