The customised Estate Plan ensures your family, property and assets are protected if you suffer from a disability or die. These include:
- Ownership options are essential as some assets may be more effectively owned individually, jointly as joint tenants, jointly as tenants in common, through a trust, self managed super fund or other entity.
- General and Enduring Powers of Attorney are required to appoint someone to act for you in relation to your finances and property if you are alive but are incapacitated and unable to make decisions for yourself.
- Advance Care Directives are required to appoint someone to act for you in relation to personal and medical decisions if you are alive but are incapacitated and unable to make decisions for yourself.
- Superannuation and Insurance options include Binding and Non-Binding nominations as well as consideration of the appropriate Total and Permanent Disablement, Income Protection, and Death Benefit policies available.
- Special Disability Trusts are a trust to provide care and accommodation to a child or other relative with a severe disability resulting in the threshold of assets and income generated by those assets being free of Centrelink.
- Gifts and Loans should be documented to avoid complications with your estate.
- Wills set out how your assets are dealt with upon your death in order to avoid the laws of intestacy. Our Team can assist in the preparation of “Standard Wills”, “Non-Standard Wills” or “Testamentary Trust Wills” which can provide significant tax and asset protection advantages.
- Blended Family considerations to address the unique position of families where the parents have children from different relationships.
- Statutory Wills are required in circumstances where a person lacks the capacity to make a Will such as due to dementia or injury.
- Registered Relationships – couples are now able to register their relationship in South Australia with Births, Deaths and Marriages, regardless of their sexual orientation or gender identity.
Wills at Work
Most people know how important it is to make a Will but many people can not find the time to visit a lawyer or worry about their situation being too complicated.
Our ‘Wills At Work’ service allows us to collaborate with local businesses and their employees to help provide the time to create their Will during the working day.
Further information about our Wills at Work service is available here.
Questions to Consider
A Standard Will is one that is prepared following an initial appointment of up to 1 hour and which provides for a standard estate distribution which is defined as follows:
- Appoint an individual (for example spouse or partner) as executor with substituted executors including (where relevant) provision addressing that the Will is made in contemplation of marriage.
- Gift residuary estate to an individual (for example spouse or partner) substituting children in equal shares and grandchild provision provided that if no beneficiaries, then divide residuary estate among selected family members.
A Non-Standard Will is one that provides for Standard Will provisions plus one or more of the following factors:
- An initial consultation longer than 1 hour or instructions provided over a number of consultations before finalising instructions.
- Where instructions or issues raised for discussion and advice provided by us contemplate any matters beyond the provisions of a Standard Will (regardless of whether a Standard Will is ultimately executed by you despite consideration of more complex issues prior thereto).
- Non-standard distributions.
- Clauses drafted to address specific circumstances for example blended families, control of trust structures, ownership of company structures, ownership of a SMSF, dealing with interfamily loans, and life estates.