Some describe estate planning is the process of passing the right assets of a willmaker  to the right people at the right  time and at the level. Planning can be taken years in advance /sometimes impact years after the willmaker’s death . Not  all assets pass via the will so the issue becomes complicated.

What you already know

• Who you intend to benefit under your will
• Broadly, the level of such benefit.

What you do not know

• Is whether later legal changes/ legal interpretations will impact on your wishes before you die.
• Who may unexpectedly have a right to challenge for your estate assets.

Some details you should know about wills

• How your assets are split if there is no will
• How frequently to review wills
• The triggers to cause a will to be revised
• Types of assets that bypass the will
• Why you should consider naming an ex spouse in your will
• How to cater for children from a prior marriage.
• How to provide for disabled beneficiaries
• The potential and unintended tax impact of simply leaving assets to be shared equally
• The importance of insurance when planning will structures.
• How to safeguard future bequests for gamblers, spendthrifts, and those with potential /current marriage settlement claims against them.
• How to ensure your funds follow the bloodline and not pass to in-laws.
• How to minimize potential income tax on superannuation funds passing to the next generation
• The impact for your estate of being an appointor, trustee or potential beneficiary in any trust
• Impact if your home is used partially for business.
• How to protect Age pension entitlements for a remaining partner.
• How to avoid potential Capital Gains tax on later sale of home.

How well did you manage with the above questions?

Issues associated with multiple business/personal entities become more complicated

Poor Planning- Unintended Outcome

Cases similar to the following have occurred. A father gave his farm to a son as a marriage gift . The son and daughter in law were tragically both killed in a car accident  whilst on  their honeymoon. The husband, being older, was deemed to have died first. The farm passed to the wife and then to her father under her will. It was obviously not the original intention to have the father- in- law inherit the gift (the  farm) but that was the final legal outcome. Ouch!

In doubt on any issues?

• Enter your postcode above for a discussion with a qualified and experienced advisor.
• Work with the advisor, a lawyer and other professionals as necessary to continually update, improve and protect yours and your family’s position