Protect the inheritance you give to your children
You are likely to leave your adult children an inheritance that is much greater than the inheritance you received from your own parents. Not only are the sums larger, but the risk of your children losing your hard-earned wealth when it comes into their hands is much greater, due to the increased incidence these days of divorce and bankruptcy.
Stop your inheritance going ‘L-shaped’
It has been estimated that only 30% of people’s wealth will ultimately filter down and be enjoyed by their grandchildren, due to the modern phenomenon which we call the ‘L-shaped inheritance’®. An L-shaped inheritance® is one that does not go down your bloodline, but goes off to other people that you did not intend to benefit, such as your children’s ex-spouse, trustee in bankruptcy, or even the ATO.
Why a Testamentary Trust?
By providing a testamentary trust in your Will for your adult children you are going a long way towards stopping your inheritance going L-shaped. Firstly, a testamentary trust allows your child to access greater tax benefits on the income earned, where they have children of their own (your grandchildren). The tax savings are significant. Secondly, when your child holds the inheritance you give them in a testamentary trust, there is greater asset protection of those assets against bankruptcy and divorce.
Safeguarding Your Estate
There are a number of strategies that we can put in place to greatly reduce the risks of your child’s inheritance being eroded or lost. And if you have a child with cognitive impairment, an addiction or other vulnerability, we can discuss options on how to provide them with a protective legal framework in your Will. Some of the main strategies we will discuss with you is placing testamentary trusts in your Wills for your children (and grandchildren), along with inheritance agreements between partners and advice to reduce the super death benefits tax. A simple Will does not afford these protections.
And at our first consultation we will provide you with all of your options and also provide a fixed fee quote.
Our unique ‘4 easy steps’ makes the process easy
Expert Estate Planning with Fixed Fees
Meet With Your Lawyer
Whether we meet virtually or face to face, we will listen, answer your questions, craft your estate plan and provide you with a fixed fee quote.
We’ll Keep You Updated
You will receive draft documents to review. You can discuss your plan with us at any time you want.
Final Document Meeting
We will go through all of your final documents together to ensure the plan is exactly what you want.
"Anyone with children has cause to be concerned to ensure their welfare is taken care of in a responsible and equitable manner. Estate First had the experience to consider the range of circumstances that can occur, many of which were not obvious or likely but were definitely possible, and ensure they were accounted for. I am confident I now have robust and secure estate planning. Thank you."
"We were first introduced by a neighbour who recommended the firm and we have not been disappointed. The dealings we have had dating back to 2015 have been very cordial, friendly and understanding of our situation and requirements. It’s akin to being in a family environment where intimate details can be aired, discussed openly and frankly, and being given unbiased advice looking from another perspective. Indeed, our two children are now also ”on board” and we are all very comfortable with our decision to engage with Estate First Lawyers."
"I have had the pleasure of updating a Will which I had previously done about 10 years ago (which was very basic). I feel that my Lawyer was extremely helpful in explaining different ways of doing your Will, the pros and cons of doing a good Will. I am very happy that I have put everything possible in place for my daughter and her family."