Estate Planning Estate Planning PresentationPresentation

www.assetandpropertyprotection.cowww.assetandpropertyprotection.com.aum.au

(NSW, VIC,QLD S.E. ASIA)(NSW, VIC,QLD S.E. ASIA)

www.trustdeedregister.comwww.trustdeedregister.com ““Before and After…” 02 9281 320/9649 6649Before and After…” 02 9281 320/9649 6649

Alex Tees, Tel 02 9281 Alex Tees, Tel 02 9281 3230/04098136223230/0409813622

Solicitor, Estate Planning AdviserSolicitor, Estate Planning AdviserEmail atees@legalexchange.com.auEmail atees@legalexchange.com.au

Skype “alextees”Skype “alextees”

Estate Planning IssuesEstate Planning Issues• Why you need a Will ?Why you need a Will ?• What would happen if I have no Will ?What would happen if I have no Will ?• How to Nominate “Super” BeneficiariesHow to Nominate “Super” Beneficiaries• The Difference between Estate & Non The Difference between Estate & Non

Estate AssetsEstate Assets• Costs of a Will/ Enduring Power of Costs of a Will/ Enduring Power of

AttorneyAttorney

Useful Web Sites to Useful Web Sites to Consult :Consult :• www.assetandpropertyprotectionanx.comwww.assetandpropertyprotectionanx.com• www.assetandpropertyprotection.com.auwww.assetandpropertyprotection.com.au• Inter State ? – Inter State ? – National Coverage : National Coverage : see www.lawyersestateplanninggroup.comsee www.lawyersestateplanninggroup.com KNOW THE DIFFERENCE ; KNOW THE DIFFERENCE ; ( NOTE : Divorce terminates Wills!)( NOTE : Divorce terminates Wills!)• Wills cover you after Death; Enduring Power of Attorney Wills cover you after Death; Enduring Power of Attorney

(Incapacity while you are still alive)(Incapacity while you are still alive)

No Will ? ,Consequences , No Will ? ,Consequences , SolutionsSolutionsNO WILL : = “Intestacy” (Divorced?)NO WILL : = “Intestacy” (Divorced?)-Means Means you don’t choose who receives your you don’t choose who receives your property/assetsproperty/assets-The Succession Act Formula states how your property is The Succession Act Formula states how your property is divided and who gets it……….divided and who gets it……….-Application to Supreme Court for Administration is often Application to Supreme Court for Administration is often more complex ,time consuming and much more costly !more complex ,time consuming and much more costly !-Spouses/Children/Partners Dependants left without Spouses/Children/Partners Dependants left without access to vital money and assets very suddenlyaccess to vital money and assets very suddenly-Superannuation Pay outs delayed………………Superannuation Pay outs delayed………………-all at a time grieving relatives could do without this sort all at a time grieving relatives could do without this sort of problem ! [ x 3 TIMES COSTS ,DELAYS AND ANGST!}of problem ! [ x 3 TIMES COSTS ,DELAYS AND ANGST!}

““Wills, Enduring Power of Wills, Enduring Power of Attorney Planning”Attorney Planning”= “Estate Planning” & Asset Protection”= “Estate Planning” & Asset Protection”1.1.Make a Precise list of all your AssetsMake a Precise list of all your Assets2.2.Make a list of all your LiabilitiesMake a list of all your Liabilities3.3.Make a list of all your risks (for instance are Make a list of all your risks (for instance are there adequate insurances to cover living there adequate insurances to cover living expenses and Mortgages etc ?)expenses and Mortgages etc ?)4.4.Use a Proper Use a Proper Estate Planning Estate Planning Questionnaire Tel 0409813622Questionnaire Tel 0409813622 (see (see www.probatewilllawyersaustralia.comwww.probatewilllawyersaustralia.com))

No Will ? - SolutionsNo Will ? - Solutions• See a Lawyer and make one asap ,make sure See a Lawyer and make one asap ,make sure

you you sign a temporary Will sign a temporary Will while formal while formal documents are being drafted !documents are being drafted !

Incapacity and Not Death ;Incapacity and Not Death ;• Don’t Forget Incapacity – Get Enduring Power of Don’t Forget Incapacity – Get Enduring Power of

Attorney asap (Wills only operate after death !) Attorney asap (Wills only operate after death !) • INTERNATIONAL ASSETS/PROPERTY ? Aussie INTERNATIONAL ASSETS/PROPERTY ? Aussie

Will Not work in USA/Thailand/China! [VICE Will Not work in USA/Thailand/China! [VICE VERSA!] – Separate Will/EPOA each place !VERSA!] – Separate Will/EPOA each place !

““Non Estate” Assets – Other Non Estate” Assets – Other Legal StructuresLegal Structures You Cant Use your Will to leave Assets in :You Cant Use your Will to leave Assets in :•Superannuation *(Superannuation *(do Binding do Binding nominationsnominations))•Trusts – Trusts – “Deeds of Future Succession”“Deeds of Future Succession”•*Companies can be a problem- If you *Companies can be a problem- If you have a business make sure you have a have a business make sure you have a Business Succession Agreement – “A Will Business Succession Agreement – “A Will for the Business”for the Business”

““Wills, Enduring Power of Wills, Enduring Power of Attorney Planning” – No 2Attorney Planning” – No 2Estate Planning Process Estate Planning Process Should include :Should include :1.Collaboration with your Accountant 1.Collaboration with your Accountant and/or Financial Planner.and/or Financial Planner.2.Review of your Insurance Protection for 2.Review of your Insurance Protection for Events such as death and incapacity – Events such as death and incapacity – remember Income Protection Insurance is remember Income Protection Insurance is v cheap and tax deductable – Remember v cheap and tax deductable – Remember Spouses/Partners/Carers need Cover too !Spouses/Partners/Carers need Cover too !