Estate Planning
Estate planning is a critical assessment via a structured process which must take into consideration potential family law provision claims, taxation ramifications, delays in probate, family politics and all the entities, assets & liabilities within your group.
Protect Your Family Wealth with an Estate plan
As a business owner or investor using a Company, it is vital that you have an EPOA and the appropriate Resolution prepared and signed so that a replacement Director can instantly be appointed to run your business or investments in the event of incapacity or death.
Through our partnership with specialist estate planning lawyers, we can coordinate the preparation of updated Wills, EPOA’s, SMSF Wills and Advance Health Directives to ensure you and your family are protected.
Importantly, the Wills and SMSF Wills that we build for you have the unique option of limiting any distribution to your bloodline family only. This protects your hard-earned family wealth.
We plan to help you
Protect your family wealth and keep it in your family bloodline. Otherwise, it would be like being taxed at 100% of your assets – and we’re sure you don’t want this.
We strongly recommend that together we undertake a fast and simple process to implement your Will, EPOA and SMSF Will (if you have a SMSF)
Our expert lawyers will ensure that your current financial and health affairs, deceased estate and superannuation death benefits are protected from litigation, challenge and for bloodline only.
Make a will and make sure it is valid
There are many benefits of making a valid will, and here are some that a will maker can do:
- Elect to transfer assets to relatives in greater or lesser proportions than would result from the default rules;
- Elect to transfer assets to a close friend or a remote relative who would otherwise be excluded from any benefit under the default rules
- Limit the risk of access by third parties to the will maker's estate;
- Save their beneficiaries a great deal of administrative work and expense and minimise the likelihood of disputes;
- Better manage how the will maker's estate is distributed and taxed
Criteria for Testamentary Capacity
An estate planning attorney should document (or video) that testor:
- Understands the nature of the will
- Has the knowledge of the nature and extent of their assets
- Has the knowledge of persons who has a reasonable claim as beneficiaries
- Has an understanding the impact of distribution of the assets of the estate
- Does not have any delusions that impact the distribution of assets
- Has the ability to express wishes clearly and consistently
Key terms relating to deceased estates
The authority from the Supreme Court for a person to administer a deceased estate. It can be called ‘probate’ if it is granted to the executor or letters of administration if it is granted to an administrator. For the Public Trustee it is called an order to administer. There are also other simplified forms of administration depending on the value of the estate.
If there is no executor able to act or if there is no will, the person appointed to carry out these duties is called an administrator.
All of a person’s assets after their death.
The person named in the will to administer the estate. (There may be multiple executors.
The estate of a person who did not leave a will. In this case the estate is divided among the next of kin.
If a beneficiary is under 18, a trustee is appointed to look after their assets until they turn 18 (or older if specified in a will). Often, the executor or administrator and the trustee are the same person.
Deceased estates fees and charges
The Public Trustee charges a fee-for-service to handle deceased estates. This is based on the number and type of assets and liabilities, and the number of beneficiaries. We do not charge a percentage commission.
If you are interested in an indication of costs for Full Estate Administration Services i.e. taking on all responsibilities from start to finalisation.
We can later provide you with a final fee quote when we have full details of all assets and liabilities.
What are the charges for managing a trust?
Charges depend on the nature of the trust and what we are required to do. There are fees for managing the assets and investments, and fees for professional services such as taxation. We will calculate and explain these fees before we set up the trust.
What our fees cover?
Our fee covers the following steps in administering an estate
- Confirming the will is valid
- Obtaining administration (probate) in the estate
- Locating and notifying the beneficiaries
- Consulting with beneficiaries and keeping them informed of progress
- Verifying and protecting the assets
- Arranging asset valuations and inventories (if required)
- Confirming or arranging insurance
- Collecting or transferring assets
- Determining debts and liabilities
- Paying any debts and claims
- Managing the accounts, preparing & lodging tax returns & other financial statements
- Distributing the estate to the beneficiaries
- If there are activities that are outside the standard administration—such as preparing or reconstructing records, matters involving a business or partnership, or any legal action.
Other costs
Other costs that may be paid from the estate:
- Professional fees of auctioneers, real estate agents, tax agents, or valuers
- Transfer fees for property title or motor vehicle registration
- Filing fees to the Supreme Court
- Out-of-pocket expenses such as photocopying, postage and phone calls.
*We charge an hourly rate to resolve these issues. We will tell you if any of these situations arise.
There are a lot of consequences of dying without a valid will. Make sure you are ready and we are here to help you secure your assets.
Great partnerships start with a conversation call us on 1300 844 678 or
Certified Accredited SAPEPAA Adviser
Invigor8 is awarded by the SAPEPAA Board Certified Accredited Adviser stamp which approves us to offer SAPEPAA Certified advice to our clients.
Succession, Asset Protection & Estate Planning is a very serious issue in Australia that needs the immediate attention of all professional advisers. We are thrilled to be at the forefront of this industry and Foundation Members of SAPEPAA