Estate Planning

Understanding the range of options available in proper estate planning is vital to ensuring that the client's needs are met. In this article, the advantages and disadvantages of considering either superannuation child account based pensions or using the Will to create testamentary trusts are considered.

The SMSF trustee/member rules have implications for the succession and control of SMSFs upon the death or incapacity of members who are also the fund’s trustees or directors of the corporate trustee.  Timing and compliance are essential considerations in any successful succession plan, and the consequences of not attending to these considerations can be severe.

Since 1999, when the superannuation rules were amended to permit members of superannuation funds to make binding death benefit nominations (BDBN), there has been ongoing debate and confusion regarding the relevance of the changes to self managed superannuation funds (SMSF).  In this article, experienced Topdocs superannuation lawyer Ian Waters answers key questions in this regard, including whether non-lapsing nominations can be made and whether a death benefit paid in accordance with a BDBN can be clawed back into the deceased’s estate

A Will is a child of the legislation of the jurisdiction in which it is made.  It can do no more, and no less, than the legislation allows.  Topdocs lawyer David Davis discusses the importance of getting correct advice when making your Will.

A Power of Attorney is essentially an authority conferred on an agent, the attorney, to act for or manage the financial affairs of another person.  In this article, Topdocs lawyer David Davis discusses the types of Powers of Attorney and the legislation relating to each state.

Your Will can only do so much, as company and trust assets are not part of your estate.  Family discretionary trusts, in particular, bear a close look when using them as part of your estate planning strategy. Topdocs lawyer David Davis discusses family trusts in relation to estate planning.

Your Will is a legal document that sets out directions for the administration and disposal of your assets after death.  It must comply with fairly strict formalities to be valid.  However, even a valid Will can sometimes be totally ineffective if it does not achieve what you intend because of assets you do not actually own.