Wills and Testamentary trusts
Preparation of Wills – every person is unique and so is the information that needs to be considered before preparing a will. We can assist in the preparation of wills for singles, married couples, blended families and those requiring more complex Wills with testamentary trusts or special disability trusts.
Testamentary trusts – in the right circumstances a testamentary trust, which gifts a person’s estate to a discretionary trust or trusts can provide very effective assets protection and are tax effective. Testamentary trusts can also be useful to create a structure that enables a person to manage and control part of your estate for the benefit of a person who is unable to manage their financial affairs.
Special Disability Trusts
Special disability trusts – if you have a beneficiary who has a disability you may be able to create a special disability trust through your will. The Federal government has created a scheme by which gifts can be held on trust for the benefit of a person who meets the certain definitions and those gifts will receive means test concessions. The trust deed must contain specific terms to qualify as a special disability trust. We can advise on whether a special disability trust would be appropriate in your circumstances.
Succession of Existing Trusts
Succession of Existing Trusts – we can advise on intergenerational transfers of ownership in family trusts. Family trusts (otherwise known as discretionary trusts) will continue despite the death of a particular beneficiary. It is important that you understand how control of the assets of a trust will transfer upon the death of a trustee key decision maker.
Superannuation – it is likely that the distribution of your superannuation will not be influenced by the terms of your will. We can provide advice on the distribution of your superannuation upon your death through death benefit nomination forms as well as advice on pension documents and ownership of life insurance policies.
Powers of Attorney
Powers of Attorney – are documents that enable you to nominate a person or persons to make certain decisions for you while you are alive. The law around powers of attorney requires careful explanation to ensure you understand the effect of any appointment you make. Powers of Attorney are very important as you age so as to ensure your loved ones can easily take care of you.
Enduring Power of Attorney (Financial and Personal) – through these you can appoint another person (known as an attorney) or persons to deal with their assets (including real estate and bank accounts) as if they were you. You can also choose to give the attorney the power to make lifestyle decisions for you should you not be able to do so.
There are a number of different variables in making such an appointment so you should obtain specific legal advice to determine what is appropriate for you.
Appointment of Medical Decision Maker – as the name suggests this document only deals with medical decision such as when to commence medical treatment, when to stop medical treatment and if there is a choice which medical treatment to use. This document would only take affect when you are not able to make a decision yourself due to illness or injury.
General Power of Attorney – despite the name a general power of attorney is normally only used for a specific purpose such as appointing a person to make decisions and execute documents regarding the sale of a property or other asset.
Will Disputes – we can act in disputes over estates including on whether a deceased person’s will provides adequately for certain people as well as on the validity of a will. Our litigation team is experienced in dealing with such matters and regularly appears in the Supreme and County Courts dealing with such disputes. We always try to resolve matters efficiently while also working to uphold our clients’ rights.
Talk to us about having your wishes carried out upon death including the transfer of your assets as you intend.