It’s important to put in place plans if you want to pass on your wealth to the people you choose to inherit. We call this process Estate Planning.
Estate Planning
Estate planning involves wills, trusts, powers of attorney, property ownership (joint tenancy with rights of survivorship, tenancy in common). More sophisticated estate plans may involve planning around your business or farm property and how this may be best handed down to younger generations. More complex wills may involve testamentary trusts which may provide greater flexibility and benefits according to your circumstances.
Superannuation including Self Managed Funds are an element increasingly under consideration in today’s estate plans and in particular transactions where borrowing is involved are becoming more commonplace. Estate planning depending on the circumstances may involve considerations of asset protection.
Wills
From the simplest of Wills to complex Wills involving Testamentary trusts or completing your Enduring Power of Attorney our team can assist you with your estate planning needs and advice. When making a will you may wish to consider giving your beneficiaries the advantages contained in a Testamentary Trust.
Powers of Attorney
Advising on an SMSF loan is complex and it is highly recommended for any person considering undertaking a SMSF loan transaction to seek advice to ensure that the transaction meets the Superannuation Industry (Supervision) Act 1993 as well as the government’s rules.
Get the documentation wrong and the trustee may see the SMSF loan rendered inoperative, the fund become non-complying and the trustee and potentially the adviser penalised. There are very serious consequences if the fund is rendered non-complying. Please contact us if you would like advice in this area.
Trusts
Often it is worthwhile for asset protection and tax reasons to put certain assets in a Trust. Our lawyers can advise you about this and prepare the Trust document for you.
Queensland Civil and Administrative Tribunal applications
If you are concerned about an adult who does or may have impaired decision making capacity, it may be appropriate to make an application to the Queensland Civil and Administrative Tribunal (QCAT). We can assist you with this, or in the event that you are concerned with an application to QCAT made by someone else.
Introducing our
Estate Planning Specialists
Andrew Taylor
