Category: Estate Planning & Wealth Protection

Types of assets and estate planning

A common misconception in estate planning is that all of your assets (no matter the capacity in which they are held) are ‘estate assets’ and governed by your Will. The distribution of an asset will…

Sambucco: Revocation of a Will by marriage

Many people are not aware that a marriage can revoke a Will. Similarly, a divorce can invalidate appointments and gifts in a Will to the spouse. Sambucco v Registrar of Births, Deaths and Marriages Victoria…

Changes to Trust transactions – What you need to know

The Australian Taxation Office (ATO) has recently foreshadowed the application of section 100A of the Income Tax Assessment Act 1936 (Cth) (the Act) will be broadened. The implications are that trust transactions that usually would…

Review your Wills in Light of Changes to the FIRB Regime

The Australian Government have introduced changes to our foreign investment laws (FIRB Regime) which have come into effect from 1 January 2021. The new amending legislation is as follows: Foreign Investment Reform (Protecting Australia’s National…

5 tips for superannuation death benefit succession planning

Tip 1 – Locate and/or consolidate your superannuation funds It is not uncommon to have superannuation funds held with multiple superannuation providers. Generally, during the course of your working life you open new superannuation accounts…

5 Estate Planning mistakes you don’t want to make

It can be difficult to know where to start when it comes to implementing an effective estate plan that reflects your wishes and protects the interests of your loved ones. It is important that you…

Is it easy to obtain trust documents? Maybe so.

A general misconception is that if you are a beneficiary of a trust, you automatically have a right to trust information. A recent decision in the Supreme Court of Victoria Mantovani v Vanta Pty Ltd…

Court affirms fiduciary duties are not discretionary – Lessons for directors, trustees and professional advisors

In 2015/2016 it was recorded that there were nearly 850,000 trusts used in Australia holding more than $3 trillion worth of assets. But, how many people really understand trusts, and the obligations that go with…

Beneficiaries rights to Trust documents

A general misconception is that if you are a Beneficiary of a Trust, you automatically have a right to information about the Trust. However, this is not always the case. The historical approach – a…

The future of Testamentary Trusts for you, your children, and their children

Every estate planning conversation includes a discussion about Testamentary Trusts. They can assist with asset protection and management, and taxation efficiency. However, recent legislative changes in this space means Testamentary Trusts don’t have all of…

Have you considered your superannuation when reviewing your estate planning?

Despite superannuation funds often comprising significant assets, many are unaware that it is not automatically included as part of an estate’s assets and may not be distributed in accordance with a person’s Will. You can…

Electronic signing and witnessing of wills

The COVID-19 Omnibus (Emergency Measures) Bill 2020 passed in April 2020 foreshadowed the electronic signing of estate planning documents such as Wills and Powers of Attorney pursuant to regulations to be finalised. On 12 May…