Delivering peace of mind through sound advice to clients in Newcastle, the Hunter and Sydney.
Estate planning puts enforceable terms in place to guide the transition of your assets in the event of your passing in a way that minimises the tax payable by your beneficiaries.
Without the right estate planning strategy in place, your wealth is at risk of being consumed by tax, family disputes and litigation. Estate planning is a complex area of law that draws together a wide variety of legal specialties including taxation, family, asset protection, and wills and estates law.
What’s the importance of Wills and Testamentary Trusts?
A poorly worded or incorrectly executed will can prevent your estate from being distributed in the way you intended. This often causes family members to argue or take the matter to court. Any court fees are taken from the estate and often quickly diminish the inheritance.
If a will is invalid, the estate will be distributed according to a government formula. This can have serious consequences, such as estranged family members receiving a share of your estate.
Wills for blended families are particularly complicated and require legal advice from an experienced solicitor. Your will can incorporate testamentary trusts, which are trusts that come into effect on your death. A trust involves a person (trustee) holding property “on trust” for someone else (the beneficiary). A trustee is the legal owner of the property, and the beneficiaries are the beneficial owners. Testamentary trusts can be useful instruments for asset protection and tax minimisation.
What can Butlers do?
Our highly experienced estate planning lawyers in Newcastle and Sydney can assist with:
- Advice about the impact of estate, probate and taxation laws
- Prepare your will in a manner that maximises your family’s inheritance
- Advise you on and draft blended family wills
- Establish family and/or testamentary trusts
- Assure that your estate plan provides for any potential relationship breakdown
- Advise you on the selection of your executors and guardians
- Prepare and implement Power of Attorney and Enduring Guardian documents to protect your estate if you become incapacitated while you’re alive
- Assist with creating a succession plan for your business
- Review your superannuation arrangements to ensure your entitlements will pass on your death to those who you wish to benefit
- Identify potential litigation risks and assist with planning your estate in a manner that minimises the risks of litigation
- Provide representation in estate litigation proceedings
- Store your will safely
- Have you made a binding death benefit nomination for your SMSF?
- Buying your business premises
- SMSF and Relationship Break-up – Planning for the Future
- Estate and Tax Planning – Snapshot Guide
- Discretionary Trusts and Asset Protection – Common Questions