by admin | Feb 16, 2015 | Uncategorized
The importance of estate planning cannot be overstated. Tying up your affairs gives you peace of mind and ensures that, if the worst happens, your assets pass according to your wishes. If you have children, an estate plan also ensures that the wealth you have accumulated is preserved for future generations of your family. All too often, people put off considering these issues. However, no matter how simple you think your situation is, dying without an estate plan can cause considerable difficulties for the people you leave behind, and may see your property falling into the hands of the wrong people. Also, your estate may be more complicated and sizeable than you at first think – for example, if you have superannuation, insurance policies or trusts. Crucial Considerations When Planning Your Estate Do you want to leave specific gifts (for example, jewellery)? Do you have children and/or grandchildren? If so, how will you preserve their inheritances? Do you want to ensure that someone doesn’t inherit from you? Do you have a mixed/blended family? If so, it is particularly important that you seek estate planning advice. How do you want your superannuation benefits to pass? Do you have insurance policies? If so, who will receive any benefits when you die? If you are involved in a business, who will take control? If you have a trust, who will take control of the trust? Things You Need To Be Aware of with Your Will If you die without a valid Will, your estate passes in accordance with ‘intestacy’ – which does not reflect your wishes. If you have no surviving...
by admin | Feb 16, 2015 | Uncategorized
A Will is a crucially important document which must be drafted in accordance with your wishes and circumstances. While many people choose to write their own Will, this is usually a bad idea – estates law is highly complex and technical, involving consideration of tax, superannuation, family provision and property law, and there are many traps involved. If you are looking for a solicitor to draft your Will, you must choose someone with experience and expertise in this area. A practitioner who has no knowledge of estates law will inevitably make a mistake or be unaware of important laws, and you may be left with unnecessary tax consequences, loss of inheritance in divorce or bankruptcy proceedings, or, worst of all, an invalid and therefore ineffective Will. Have a Consultation Many lawyers offer a complimentary initial consultation. This gives you the opportunity to discuss your circumstances and receive guidance for your own estate planning strategy. You should discuss the following with your lawyer in the initial consultation: Your family situation. Do you have children and/or grandchildren? Are you married? Have you been in a previous relationship? Do you have children with a former partner? Are you in a blended family with step-children? Is there anyone who might be eligible to contest your estate? Do you have vulnerable beneficiaries, for example children with a disability or spendthrift tendencies? Your assets. What property do you own? Do you own property with anyone else (for example, as joint tenants)? How large is your estate? Superannuation and insurance. What kind of superannuation and insurance policies, if any, do you have? How do you want...
by admin | Feb 11, 2015 | Uncategorized
Making a Will can be a scary prospect for many people, and there are a high percentage of people in Australia that do not have a Will in place. People come up with all sorts of reasons for not putting one together. Below are just a few of those excuses that may resonate with you too! But we are to here to help you see that it is easier than you might think. 1. The effort required It may seem like a “big task”, but when broken down into chunks, and with some help along the way, it is a simple process. How much is peace of mind worth? 2. Where to start Starting is the hardest part, but saying “I don’t know where to start” is not a good excuse. You could start by doing some online research, then get a folder together and start jotting down your first thoughts; talk to your friends and family to see what they have done; you could go online to start making a will (www.willswelldone.com.au) that guides you step-by-step through the process. You just need to start! 3. I’m a very private person Nobody really likes to divulge their personal information to a stranger, and if you think the only way to get your will organised is to talk to a lawyer, then maybe the online way is the way to go. You can create a Will online in the privacy of your own home where you have access to all the required information. Once complete, all you then need is to get it witnessed by a lawyer...
by admin | Feb 4, 2015 | Uncategorized
A Will is a crucially important document for every person, regardless of age, wealth or personal circumstances. People commonly dismiss the idea of making a Will, or put it off, as they deem it unnecessary or too difficult. However, dying without a Will, no matter how simple you believe your affairs to be, can make things harder and more expensive for your family and can result in years of stress and conflict. Everyone should have a Will While having a Will is particularly important for people who own assets, have a spouse or children, or have complicated circumstances due to mixed families or business structures, everyone should have a Will in place. This is because a Will: provides security and certainty; can simplify distribution of your estate; allows you to provide specific gifts to certain people or ensure that particular people do not inherit from you; allows you to express other wishes, such as burial instructions and conditional gifts; and appoints someone you trust to manage your estate. A Will can also provide significant tax savings and asset protection. By creating appropriately drafted trusts for your beneficiaries, you will allow them to take their inheritance with minimal tax consequences. You will also protect the wealth that you have accumulated for future generations of your family, rather than seeing it divided in divorce proceedings or wasted. What happens if I don’t make a Will? If you do not make a Will, your property is distributed in accordance with the laws of “Intestacy”. These laws do not take into account your personal wishes and instead distribute your estate according to...
by admin | Dec 11, 2013 | Uncategorized
Below are some examples of Digital Assets. This list is not exhaustive. Anywhere that you have a username/password, account number, etc, will probably be a type of Digital Asset. Email AccountsHotmail Gmail BigpondOutlook Yahoo Social Networking AccountsFacebook TwitterYammer BlogsWordpress Blogger.comFacebook Tumblr VideoYouTube NetflixFoxtel PhotosDropbox EverpixPicturelife Flickr Data StorageDropbox Google DriveApple iCloud Web Domains / Web HostingHostgator GoDaddyNameCheap Flippa Shopping and BusinesseBay Paypal Apparel Sites (i.e Boohoo.com, net-a-porter.com, etc) Amazon.com Subscriptions (newsletters, flyers, special offers, sales, etc) Online GamesMine-craftCOD Music AccountsiTunes MOGNapster Rhapsody BankingOnline Services Utility AccountsElectricity GasWater Tolls How many did you tick out of the above? Are you surprised by how many of them you already have? All of these require details about YOU. Is this the type of information that you would want to remain out in ‘digital land’ if you were no longer here? Surely, you would want someone to be owning and over sighting these for you, even if it’s only to ‘unsubscribe’ or close them down at a minimum. Or to retain the data somewhere else. Digital Assets are important and often vital information. Don’t leave it up to other people to try to track down this information after you are gone. Incorporate them into your Will, along with all of your other assets, for peace of mind for you AND your loved...
by admin | Dec 11, 2013 | Uncategorized
So what are digital assets? Well, start by asking yourself these questions: If your email account was hacked tomorrow, and all of your details were deleted, would this be a problem for you, and why? If your computer crashed and nothing was salvageable, INCLUDING all of those photos you had meticulously ordered, categorized and slaved over, and you had no backup, would this be a problem for you, and why? If your facebook account was terminated due to a potential hacker, would you lose valuable information, contacts, pictures, etc. Do you store documents for your business in the cloud? What would happen if you lost these? Well these types of things are your digital assets. If you answered ‘yes’ it would be a problem if these were lost, then they are important enough that you should account for them in your Will. Even if the documents or information may not be considered important, what if they fell into disreputable hands, would this be a problem? Could someone use or steal your identity? Digital Assets need to be protected. If you are diligent, you will already have backups somehow, somewhere of these assets. And if you are already doing that, then they are important to you. This means they would also be important to your family on your death, and should be protected by having a Will in...
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