Estate Planning

Binding death benefit nominations

Supreme Courts can choose to overturn a person's express estate planning wishes as set out in a Will. Superannuation is quite different, particularly outside NSW and the ACT. Most superannuation funds allow a member to sign a binding death benefit nomination binding on the trustee, giving estranged family members no right of appeal in the Federal system. The terms of those nominations need to be carefully considered to avoid tax and other pitfalls. READ MORE

Enduring powers of attorney

People with decision making capacity are able to put in place a range of powers of attorney to cover a range of situations, eg personal financial decisions in respect of incapacity or unavailability, powers to appoint trustees of family trusts or single member self managed superannuation funds, decisions regarding medical treatment and decisions regarding life needs such as accommodation. These documents can remove the uncertainty, delay and costs that are often associated with health crises or extended absences from Australia.      READ MORE

Estate proceeds trust

Too often we encounter a widowed parent left with young children to support who wishes that their late partner had given more thought to estate planning. Often problems would have been avoided if they had simply established a testamentary trust as part of the will. In this situation, one possibility open to the widowed parent is to establish a concessionally taxed estate proceeds trust. READ MORE

Insurance policy ownership

It is easy to equate the value of an insurance policy with the cost of annual premiums and to forget how significant that policy can be if the insured event (such as death or serious disability) occurs. The ownership of the policy determines who receives the payout and the extent of opportunities for ongoing income tax concessions, e.g. from testamentary trusts or child death benefit pensions. READ MORE

Preventative estate planning

Appropriate estate planning assures you enhanced protection against risks such as a beneficiary getting into relationship or financial difficulties. It can also minimise the risk of challenges made by hostile family members and guard against a beneficiary's vulnerability.  READ MORE

Self managed super funds (SMSF) deeds for death benefit pensions

Self managed superannuation funds are not subject to the portability provisions that apply to other types of superannuation funds. As a result they can be tailored to provide special forms of death benefit pensions, e.g. non-commutable pensions with or without maximum annual payment limits. READ MORE

Special disability & other protective trusts

For people who are vulnerable to exploitation or who are suffering a severe disability, there are a series of protective trusts that can be established by Deed or Will. The object of some of these trusts is to ensure that the principal beneficiary (and, if applicable, any dependants) are provided for. For means tested pensioners that meet a relatively narrow "disability" test, there is also the possibility of establishing the limited purpose, but means testing free special disability trust. READ MORE

Succession for businesses and family trusts

A major problem for many owner administered businesses (and for investment family trusts) is establishing succession arrangements for that business and in the process ensuring that the business remains viable and the owners are properly rewarded for the business goodwill and other assets that have been built up. Our Estate Planning team can provide advice on succession issues, from Capital Gains Tax and other taxation advice to options for shared control, particularly in relation to the control of family trusts. READ MORE

Superannuation death benefits

By virtue of life insurance, contributions and concessionally taxed earnings, many Australians have taken the opportunity to boost the proportion of wealth that they hold in superannuation. In the process, traditional estate planning documents such as Wills can end up being subservient to the decision making process for paying superannuation death benefits. Instead, death benefit strategies and superannuation documentation can assume greater importance. READ MORE

Superannuation death benefits trusts

A superannuation death benefits trust serves the same function as an estates proceeds trust, but instead of being established out of deceased estate assets (including superannuation death benefits paid to the estate) they are established by a direct payment to the newly established trust by the trustee of the late member's superannuation fund. READ MORE

Vulnerable beneficiaries

One of the saddest aspects of failed estate planning is seeing vulnerable family members losing the benefit of inherited wealth because other unscrupulous people are able to exploit their vulnerability. Prudent preparation, using estate planning tools such as special disability trusts, other protective trusts and non-commutable superannuation pensions can minimise the risk of exploitation. READ MORE

Wills: creating testamentary and protective trusts

One of the key features of our estate planning services is the range of testamentary and protective trusts we can offer our clients, starting from beneficiary controlled testamentary trusts (designed to enhance an inheritance without seeking to "rule from the grave"). At the opposite end of the testamentary spectrum are protective trusts designed to protect a vulnerable beneficiary.

In between are the various forms of capital protected trusts, designed to ensure that wealth lasts more than just one generation. READ MORE