Specializing in Commercial Law & Estate Planning law
We can provide advice and guidance regarding the preparation of wills, tax and asset protection and discuss the advantages of testamentary trusts, enduring powers of attorney, enduring powers of guardianship, advanced health directives, binding death benefit nominations for self managed superannuation funds and the transfer of control of family discretionary trusts and private companies.
WILLS AND ESTATE PLANNING
ESTATE DISPUTES
At times a tricky area, we can advise executors and beneficiaries in the event of an estate dispute. This includes representation in applications under the Family Provision Act (formerly known as the Inheritance (Family and Dependants Provision) Act and preparation of deeds of family arrangement.
TRUSTS
We can assist in the preparation of family discretionary trust deeds, unit trust deeds and other trust documents. This flows on to advice to trustees and beneficiaries about their duties, obligations and rights as trustee or beneficiary. This also involves reviewing and amending trust documents, preparing deeds of variation, removing trustees, appointing new trustees and vesting or termination of trusts.
NINE KEY ESTATE PLANNING CONSIDERATIONS
An effective estate plan should:
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Give you certainty as to how your assets will be managed if you are incapacitated and unable to look after your own affairs.
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Establish how and when it’s best to distribute assets to your loved ones.
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Cater for the current and future needs of your beneficiaries.
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Protect your assets so that they pass to the right beneficiaries at the right time.
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Allow your beneficiaries to legally reduce capital gains liabilities on assets and reduce or eliminate tax on income generated from their inheritance.
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Allow you to minimise or avoid death benefits tax (which can be as high as 32 per cent) when distributing your superannuation benefits.
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Protect your beneficiaries’ inheritance in the event of divorce or bankruptcy.
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Guard against undue waste and extravagance due to spendthrift tendencies, age, mental health, drug addictions, gambling or other vulnerabilities of a beneficiary.
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Distribute your assets to your intended beneficiaries, not to an in-law or former spouse, for example.
