Estate Planning

Estate Protection, Structure & Distribution

Making sure that your estate (savings, investments, property and shares) is provided to those you want to receive it, can be much easier said than done!

An effective estate plan includes tax effective Wills to protect your estate and interests in the event of death.

Granting a Power of Attorney means that you legally appoint a person or an organisation to make decisions, sign documents and act on your behalf in financial matters.

The Common Mistake

The unfortunate fact is (and something we can’t escape) is that eventually sooner or later, many of us will suffer a debilitating illness and, of course all of us will die!

Are You Prepared?

When a person dies without a legal Will, or a Will that does not effectively deal with the person’s assets, the estate may be wholly or partially intestate.

For example, partial intestacy could arise if your executor dies and you did not update your will after his/her death. In fact, intestacy is very common. In NSW alone more than 54% of the population do not have a current Will (Public Trustees Of NSW 2008).  These statistics are a strong indicator that all other states are similar.

For those that do have a Will, more than half of those Wills will likely be invalid due to the following:

• The nominated executor could have died or become quite ill;
• Certain assets nominated in the Will no longer exist;
• Divorce, separation or death of a party to the Will or certain beneficiaries may render your Will partially invalid and therefore, you could die partially intestate;
• Other circumstances arise, where certain persons may challenge your Will and succeed if your Will is not structured appropriately and thereby placing your assets and your nominated beneficiaries at risk.

Did you know that anyone could challenge your Will and your estate most likely will have to pay the legal costs, leaving less for your nominated beneficiaries?

So, it’s critical to ensure that your Estate Planning..your Will and all that is necessary is completed professionally to ensure as best that you can, your estate passes to the right beneficiaries!

Stephen, as your Trusted Adviser will discuss with you the various aspects outlined above and ensure that the necessary instructions to specialist lawyers for the preparation of an effective and efficient Will.