What is a Will?
A will is a legal document that a person makes to provide for an executor to administer his estate to discharge liabilities and to distribute to beneficiaries.
What are POWERS of ATTORNEY?
There are 2 powers of Attorney that can be made in Victoria. One for medical decisions and treatment the other for guardianship and financial and legal matters.
Powers of Attorney are useful in old age, in case of disability and to specify your wishes and the agent of your choosing.
If you do not have these documents in place then an application will need to be made to VCAT for an agent to be appointed.
What is PROBATE?
A grant of probate is required in order for the executor to have the authority to manage the assets of the asset including selling shares and real estate and closing bank accounts.
What is ESTATE PLANNING?
Comprehensive review of all your assets including trusts and superannuation to ensure tax effective succession to your beneficiaries.
Why is Estate Planning Important?
Peace of Mind
It is important to many people to properly provide for each of loved ones and to do so in a robust manner. It is far more costly to administer an estate without a Will or in the case of a defective will. Family members may be encouraged to contest a Will if they are not properly provided for, if the will is defective or has not been updated.
Conflict between family members can be reduced by providing for beneficiaries now and in the future.
Income tax incurred by beneficiaries of your estate by deferring capital gains, income splitting and distributions to minors at marginal tax rates with the use of a testamentary discretionary trusts.
Protect your beneficiaries from creditors, relationship breakdown, spendthrift beneficiaries by the use of trusts.
Understanding of you estate in full including assets held in your sole name, superannuation, life insurance companies and family trusts and how they each will be dealt with or distributed.