Before acting on our advice, you should seek the professional advice and services of a solicitor. Alternatively, visit Law Central at www .LawCentral.com.au
Wills
How would you feel if the wealth you created over your lifetime was decimated by taxes or went into the pockets of people you did not know rather than to your children or friends to whom you had intended ?
Unfortunately, in the absence of a well-structured, tax effective Will this can be the case. Few people realise that the majority of Wills, however well intentioned, pass on a potential future tax liability (Capital Gains Tax) to their beneficiaries and in some circumstances pass on benefits to parties that were not intended to receive benefits.
A properly structured Will should ensure that you have control over the way in which your estate is distributed to your family and friends.
It should allow you to preserve assets – cash, a superannuation policy, shares, a holiday home, the family business or your own residence.
Our simple steps in preparing your Wills and Power of Attorney:
- Provides for the establishment of a trust structure by the testator at the time of death.
- Allows the beneficiaries to participate in the tax effective redistribution of income generated by the assets held within the trust;
- Can minimise the impact of any Capital Gains Tax payable by deferring or postponing payment;
- Allows children under the age of 18 to earn up to $ 5,400 in income and pay no tax if these assets are held within the trust. Any income above this is taxed at normal adult rates
Powers of Attorney
A Power of Attorney is a legal document (usually a deed) by which a person appoints another to act on their behalf, either generally or in relation to a specific transaction. Power of Attorney cease to exist if the principal becomes mentally incapacitated, which ironically, may be when you require it most. For this reason ?Enduring Power of Attorney? has been designed, which carry the same authority as Power of Attorney, but exists even through mental incapacitation of the principal.
For the simplest and easiest way of taking care of your Estate Planning needs talk to us about how you can implement your Wills and Powers of Attorneys which will provide you and your family with certainty and peace of mind for your family.
All Estate Planning documents are prepared by the estate planning specialist firm- Legal Consolidated Barristers & Solicitors.
Our simple steps in preparing your Wills and Power of Attorney:
- We assist you in completing a questionnaire
- We assess and discuss your answers to the questionnaire
- If required, you can talk to one of the specialist Legal Consolidated Solicitors to assist the preparation of your Will and/or Power of Attorneys
- If you’re happy to proceed, we arrange for the Wills and your Power of Attorneys, (if included) to be prepared
- Provide you with your Will and Power of Attorneys, if included