Estate Planning , Wills Trusts and Enduring Power of Attorney Up to Date ?
Regular reviews of your estate planning, are essential. Consider the following points :
- Wills should be reviewed when any major event occurs in your life such as marriage (in most cases marriages revokes an earlier will), divorce, children, grandchildren, or a new business.
- It is a good idea to review wills in any event at least every 5 years preferably evey 2 years......sometimes every 12 months..things change............
- Superannuation entitlements are not automatically part of your estate, and so cannot be disposed of by your will. You need to ensure that the trustee of your superannuation fund is provided with a binding direction as to how to deal with your superannuation entitlement on your death. It is also important to ensure your superannuation entitlement is left to your beneficiaries in the most tax-effective way.
- Similarly, assets in family trusts are not part of your estate. You need to think about who will control your trust on your death as the controller of the trust has a discretionary power to dispose of income and assets in the trust.
- You should think about who you provide for in your will, and whether you have adequately provided for those members of your family who may have an expectation that they will share in your estate. Disputes involving wills can eat into the assets of the estate and cause a lot of distress for your surviving family.
- If you own a business, confirm that you have made adequate arrangements which will allow the business to pass to your beneficiaries so that its value and operational ability of the business are optimised after your death. This may be provided for in your will, or in an agreement that governs how the assets and control of the business will be dealt with on your death.
- Consider a tax-effective will. For example, if you have a large estate (or if your beneficiaries already earn income in a high tax bracket) it is worth thinking about incorporating a discretionary testamentary trust in your will.
- Parents of a child with a disability might wish to consider a testamentary trust as a way to invest assets for their child and address the future care of their child.
- Discretionary testamentary trusts can also assist in protecting assets from claims by creditors of beneficiaries and from estranged spouses in the case of matrimonial disputes.
- Register your Will to help reduce the chance of loss http://www.willregistration.com.au/