AR Legal & Mediation
Estate Planning or Future Planning is a two part process. The first part is to prepare for a time when you may not be able to care for and make decisions for yourself. This may be on a temporary or permanent basis. The second part of Future Planning is preparing to gift your estate when you die. You may not want to think about a world where you are no longer living but not planning for it may mean that your hard earned wealth is wasted, given to the wrong people or frittered away in court processes and litigation. Comprehensive Estate Planning is all about your wishes being followed and making things easier for your loved ones.
Estate Planning or Future Planning involves appointing a Power of Attorney and Enduring Guardian, Creating Will and Review of all your asset holding structures including superannuation, self-managed super funds (SMSF), Trusts, Companies and Business Structures.
REVIEW OF ASSET HOLDING STRUCTURES
Assets held in structures other than your legal name or subject to special rules require review and attention to detail for seamless succession. We review your life insurance nominations, SMSF trust deed, Family Trust Deed, Discretionary Trust Deed and Company constitution to enure that control of the assets held in these structures pass as per your wishes.
When a property is held as joint tenants, this passes to the remaining tenants upon death. We can advise the best way to manage your estate plan if you own property as a joint tenant.
Superannuation is an effective way to plan for and fund your retirement in a certain and tax effective manner. A self-managed superannuation fund or SMSF is a trust structure for superannuation where the members of the fund are also the trustees and manage the fund for their own benefit. A properly set up self-managed superannuation fund with a compliant and carefully constructed Superannuation Trust Deed can provide many benefits for the members of the superannuation fund and is a useful and protective estate planning structure.
Binding Death Benefit Nominations
Funds in Superannuation cannot be passed by a Will. However, with a properly worded Binding Death Benefit Nomination and a compliant Trust Deed, your Superannuation assets can be passed to your loved ones as per your wishes.