There are many advantages to establishing a trust for you and your family. In its most basic form, a trust is a formal arrangement between parties, whereby one party gives control of their assets to another party, to hold for the benefit of specific people. A trust can be set up by any person at any time and can be tailored to suit your family’s particular needs. In addition to flexibility, a trust can also protect you from potential creditors and relationship property claims.
Since the abolition of gift duty in October 2011, it is now possible for the settlor(s) of a trust to forgive the total gifting amount contemporaneously with the transfer of the assets to the family trust, without attracting gift duty. It may not always be best to forgive the total gifting amount at once and will depend on your circumstances.
For personalized advice please contact our team today.
A Will is a legal document and is a statement of your wishes that are to be executed when you pass away. Having a Will gives you the comfort of knowing that the rewards of your life’s work will be distributed and managed according to your wishes.
It is important that you update your Will regularly as your Will can automatically become invalid if you get a divorce or if it is not executed or witnessed properly. Your Will should also be reviewed and updated when there are births, deaths or marriages in the family.
If a person dies without a Will, then the person have died “intestate” and the estate will then be divided according to the rules of Intestacy pursuant to the Administration Act 1969. This means that even if a friend or relative is appointed as the administrator of your estate, the law decides who your beneficiaries are and how your estate is divided.
If you wish to attend to or update your Will, contact us today for a free no obligation quote or consultation.
An Enduring Powers of Attorney (EPOA) is a legal document giving someone the power to act for you if you loose the ability to make a decision for yourself, either in relation to your personal care or welfare, or in respect of your property and financial affairs.
Your attorney will only have the power to act on your behalf if you become mentally incapable, as determined by a qualified health practitioner.
Without an Enduring Power of Attorney, no-one else can deal with your property or financial affairs on your behalf without a court order, which is often a stressful process and costly to obtain with urgency.
For more information please contact us today for a free no obligation quote or consultation.
What happens if your loved one becomes mentally incapacitated through illness or injury and they do not have enduring powers of attorney in place? Before you are able to act on behalf of the incapacitated person, you will need to make an application under the Protection of Personal Property Right Act (PPPR). We can prepare an application to the Court for you to be appointed as a welfare guardian or property manager.
There are limited time frames for orders; we can also assist with applications for further orders where previous orders are set to expire.