An estate plan needs to cover all of your wealth
Your Will does not cover assets that you hold in your family trust and it does not automatically cover assets you have in super or companies. You need the right testamentary document in place for each of the entities that you own or control, so that the wealth contained in them passes in line with your wishes. In addition, you also need to consider who controls those entities if you were to lose capacity.
Have you covered off on your Super?
Your Will does not automatically govern your super death benefit. Superannuation will normally be one of your biggest assets, particularly if you also have life insurance in super. How you provide for your death benefit to pass depends on whether you have a self managed super fund, or are part of an industry/retail fund. Each super fund is governed by its own set of rules (the trust deed and the Commonwealth legislation). The rules require strict adherence to the terms they set. Who you nominate to benefit from your super should be done in conjunction with your Will and Enduring Power of Attorney, and take into account the tax payable on death benefits to certain beneficiaries.
Estate planning for your family trust
The assets in your family trust are not owned by you and therefore cannot be gifted in your Will. If you have control of the trust and your trust deed allows, you may be able to nominate a new controller of the trust if you die or become incapacitated. The best way to do this by way of a separate deed of appointment. We can review your deed and advise you as to what you can and can’t do under its terms. In many cases, we can amend the deed to enable you to make the appointments you wish and which align with you Will and other testamentary documents.
We are here to help
Estate planning for super and trusts is not a straightforward area, but it does also provide the opportunity to gain tax savings and asset protection opportunities. If you are running a business through a company or trust structure, it is also important to put in place measures in case of your death or incapacity. We will discuss the various strategies open to you and the tax effective measures you can put in place at our first consultation along with a fixed fee quote so that you are fully informed of all your options.
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.
"We had a significant number of legal documents drawn up by Estate First Lawyers. A complex set of documents which generated endless questions and required many interpretations and explanations of legal clauses and concepts. Our lawyer, was very professional, provided excellent advice, was extremely patient in answering our many questions and had excellent inter-personal skills. The experience was stress free and almost enjoyable, discussion of Wills and death can never be total enjoyable! In the final analysis, the question you have to ask yourself is, are we confident in the integrity of the legal documents we now hold, as confidence provides peace of mind? We are looking forward to many nights of peaceful sleep, thanks to Estate First Lawyers."
"Estate First Lawyers took “will making” to a whole new professional level. If your financial and family situation is a little complex, which ours is, you need professional support, to set all your affairs in order. The repercussions of not doing this can lead to fractured family relationships and inheritance being misappropriated. Thanks to the professional work of Family First Lawyers I am confident that our Wills and EPAs will ensure this will not happen."