Type to enter text

Wills and Estate Planning

Type to enter text

Wills and Estate PlanningOur team can assist you to prepare a customised “Estate Plan” to address the critical issues for you.

Wills

All adults should have a professionally prepared Will. If you die without a Will, control of your estate and who receives your assets is determined by legislation and there are additional costs involved in applying for Letters of Administration and administering your estate.

If all your want is a traditional (or “Simple”), no frills Will - we can assist you. While a Simple Will may meet your needs, there are potentially significant benefits that can be obtained in having a “Testamentary Trust Will” including minimising tax and asset protection. Testamentary trusts are an excellent estate planning tool that should be considered irrespective of your financial position. We can assist you with a Will that is tailored to your circumstances whether it is a Simple Will, a more complex Will for blended families, where a protective trust is required, or a Testamentary Trust Will.

As your personal circumstances change you should review your Will. Some example include:• birth of children or grandchildren;• change of age or circumstances of executor;• purchase or sale of real estate;• death of a beneficiary;• separation from spouse/partner or divorce;• a new domestic partner or marriage;• a new business venture.

General and Enduring Powers of Attorney

Everyone, regardless of age, needs a Power of Attorney. You make a range of decisions and choices about how you spend and invest money on a daily basis. If an accident or illness prevented you from being able to make financial decisions, or attend to the payment of bills and expenses, you would want to have some level of control over how these

transactions were carried out on your behalf. Due to the legal requirements of the Land Titles Office, financial institutions, telephone and power companies, if you are unable to attend to the transaction yourself, the person you have nominated requires the legal authority to do so. A Power of Attorney is a legal document which confirms your authority for a family member, friend or other trusted person to make financial decisions and enter into property transactions on your behalf. It is therefore one of the most important elements of your estate plan.

Advanced Care Directives

From 1 July 2014 you can document your wishes, preferences and instructions for future health care, end of life, living arrangements and other issues in an Advanced Care Directive. The Advanced Care Directive is a legal form which has been introduced in South Australia to replace an Enduring Power of Guardianship, a Medical Power of Attorney and an Anticipatory Direction - if you have these documents, we recommend that you schedule an appointment with us as soon as possible to discuss your estate planning requirements.

Ownership

There are many ways to own property from in your sole name, joint tenancy, tenancy in common, trusts, company or self-managed super fund. There are plenty of choices. However, many people do not stop to consider the best option for their circumstances. We assist our clients to weigh up all of the issues carefully to avoid making the wrong decision.

Gifts and Loans

Many parents of adult children quickly discover that while the children have left the nest, they quickly return! In many cases family members do not adequately document the nature of financial transactions with other family members which can create complications in relation to the estate and sometimes litigation. It is important to address these issues wherever possible before advancing money to ensure that all legal issues have been properly explored and documented.

Superannuation and Insurance

In the event of your death, the payment of your superannuation benefit will in most cases be determined by a superannuation fund considering any directions that you have made through a death benefit nomination.

There are a number of nomination options available including:• lapsing or non-lapsing binding nominations• non-binding nominations• reversionary nominations for income streams and

life time pensions.

We also find that many people have not considered the “fine print” in their income protection, total and permanent disablement and other insurance policies. These documents are often written in legalese which most people do not understand.

www.rudalls.com.au

25 Murray Street, Gawler SA 5118PO Box 696, Gawler SA 5118

T 08 8523 8400 F 08 8523 0025

legal@rudalls.com.au

Liability limited by a scheme approved under Professional Standards legislation