Estate Planning
Whilst having prepared a Will and an Enduring Power of Attorney is an importance part of estate planning, many people are not aware that having things such as an Advance Health Directive, a Superannuation Binding Death Benefit Nomination or a Superannuation Advance Transfer Directive in place are also important to consider in estate planning.
In conjunction with your accountant and financial adviser we can assist you in implementing various strategies which are tailored to your individual circumstances, ensuring that your family’s needs and requirements are met.
- Wills & Enduring Powers of Attorney
- Superannuation
- Estate Administration & Probate Applications
- Estate Dispute Resolution & Litigation
Estate Administration & Probate Applications
On the death of a family member or friend it will be necessary to review their Will and any other associated documents. We will arrange to meet with you to explain the steps involved in administering the estate and advise of your duties and obligations as executor of the Will or an administrator of an intestate estate (the estate of a person who has passed away without leaving a Will).
We will provide you with expert advice, care and attention throughout the various stages of the administration process such as:-
- Advising in relation to the meaning of clauses and terms of the Will
- Identifying the assets and liabilities of the estate
- Assisting in closing bank accounts, collecting proceeds from investments and insurance policies
- Assisting in the sale of estate assets such as a house or motor vehicle
- Obtaining from the Supreme Court of Queensland a Grant of Probate which is required in a number of circumstances
- Obtaining from the Supreme Court of Queensland Letters of Administration which are required where all executors appointed under the Will have predeceased or have renounced their appointment or the person has passed away without a Will
- Liaising with beneficiaries and attend to making distributions to them
- Representing parties when disputes arise
Wills & Enduring Powers of Attorney
Wills
Don’t say “one day” – because you may just leave it too late.
A will is the main way to make sure your estate is distributed the way you want it to be upon your death, not how the ‘state’ decides it should be. However, it’s not a ‘set and forget’ document. As your circumstances change, it’s a good idea to review your will, or at least aim to review it, say every five years.
Every time your family changes size or shape, when children and grandchildren are born or grow up, it’s a good idea to revisit your will as you may want to treat different-aged children differently in your will.
There are also marriages, de facto relationships, separations, and divorces that change how a family relates to each other. If something has changed in your family situation, such as one of your beneficiaries has passed away, it’s important to reflect on how these changes affect your will.
Perhaps you’ve started a new business or sold one, received an inheritance, or added money to your superannuation. These factors may impact how the tax office handles your estate upon your death, so it’s a good idea to cross-check how these changes could affect your will.
Perhaps you have an old will that is full of legal jargon, we can help decipher it and put it into plain speak for you. We’re here to be a sounding board and help you cover all the bases in your will.
Perhaps you know of an estate which is not being distributed as directed in the will. We can inform you of your options to have the will distributed correctly as well as the appropriateness and likely outcome of commencing legal proceedings.
Enduring Power of Attorney
Sometimes, due to an accident or illness, or we are unable to make decisions for ourselves or sign important documents for ourselves.
An Enduring Power of Attorney enables certain aspects of your business, personal or financial affairs to be managed according to your wishes. Edgar and Wood strongly advocate for EPAs to be put in place responsibly and appropriately to protect against the risk of attorneys abusing the powers and trust placed within them.
We’ll work with you and your selected attorney/ies to ensure that what you are agreeing to is clearly understood.
Advance Health Directive
An Advance Health Directive is a document that states your wishes and directions for future health care and medical treatments that you may or may not want to receive. This document comes into effect only after you are unable to make your own decisions.
Superannuation
Superannuation Binding Death Benefit Nomination
In the event of your death a Superannuation Binding Death Benefit Nomination allows you to direct the trustee of the superannuation fund who is to receive your superannuation benefits as superannuation is not automatically an estate asset.
If you do not have a Superannuation Binding Death Benefit Nomination in place the trustee of the superannuation fund has a discretion as to where your superannuation benefits will be paid.
In order for a Superannuation Binding Death Benefit Nomination to be binding, it must be ‘valid’. One of the requirements for validity is that only ‘dependants’ can be nominated. Depending on your circumstances you can decide to nominate one dependant or a number of dependants. A dependant includes:-
- A spouse (including defacto, opposite and same sex)
- Children of any age (including adopted or ex-nuptial)
- Any person financially dependent on you
Superannuation Advance Transfer Directive
There are different taxation treatments of your superannuation benefits on your death. The tax payable depends on:-
- Whether your superannuation benefit is paid to your dependants; or
- Whether your superannuation benefit is paid to non-dependants.
However, if your superannuation benefits are paid to you before your death no tax should be payable regardless of who the ultimate recipient of the benefit is.
We can assist you in preparing an Advance Transfer Directive which is designed to allow your attorneys to redeem your superannuation benefits before your death so that the benefits can form part of your estate assets to save any tax being payable on the benefits.
Estate Administration & Probate Applications
On the death of a family member or friend it will be necessary to review their Will and any other associated documents. We will arrange to meet with you to explain the steps involved in administering the estate and advise of your duties and obligations as executor of the Will or an administrator of an intestate estate (the estate of a person who has passed away without leaving a Will).
We will provide you with expert advice, care and attention throughout the various stages of the administration process such as:-
- Advising in relation to the meaning of clauses and terms of the Will
- Identifying the assets and liabilities of the estate
- Assisting in closing bank accounts, collecting proceeds from investments and insurance policies
- Assisting in the sale of estate assets such as a house or motor vehicle
- Obtaining from the Supreme Court of Queensland a Grant of Probate which is required in a number of circumstances
- Obtaining from the Supreme Court of Queensland Letters of Administration which are required where all executors appointed under the Will have predeceased or have renounced their appointment or the person has passed away without a Will
- Liaising with beneficiaries and attend to making distributions to them
- Representing parties when disputes arise