- Asset Protection
Many of us don’t like to think about making a Will, but there are many times throughout our lives when we do need to think about the future and about how our family would cope financially in the event of our death.
Estate Planning does not commence on death, in fact, those who don’t effectively plan their personal and financial affairs could leave their loved ones with an unpleasant legacy.
Why do I need a Will?
A Will is the cornerstone of an effective transfer of assets on death – it puts you in charge of important decisions now about what you want to happen to your affairs after you pass away. It is a legal document which will ensure your intentions are carried out.
A well drafted Will can stipulate that your assets will be given:
- to the people you want;
- to support your beneficiaries’ needs;
- in the way you want;
- as quickly and simply as possible; and
- as tax-effectively as possible.
McKays Estate Planning team will provide you with clear and easy to understand expert advice and will be able to answer all of your questions, including:
- What sort of Will do I need?
- What happens if I die without making a Will?
- What happens to jointly owned property?
- When should I make a Will?
- Who would be the best person to be an executor?
- Who will look after my children?
- Can I say how I want my body disposed of?
- What if I want to leave a dependant out of my Will?
- What will happen to my interest in my partnership business?
Our friendly and expert team will provide you with advice to help ensure that you have done everything you can so that your family benefits in the best possible way from your estate
Do I also need an Enduring Power of Attorney?
It is also important to have an Enduring Power of Attorney. An Enduring Power of Attorney can be used during your lifetime (whereas a Will operates when you pass away), where you or your partner are unexpectedly injured or become unwell and are unable to make financial and health decisions for yourselves or your children.
By signing a Power of Attorney you may grant someone (your attorney) the legal power for that person to sign or to take some action on your behalf.
An Enduring Power of Attorney is not only used when you are incapacitated. It can become a useful document if you plan to travel overseas and documents such as transfer documents for a property need to be signed during that time.
See our Wills and Powers of Attorney client guide for more information.
Estate and Business Succession Planning
Your Will is not always the only way to maximise the opportunities to pass on your wealth to your family. The financial structures and arrangements you enter into now, particularly if you are involved in a business, can be much more significant than the effect of your Will when you die.
Being a full-service legal practice means McKays will ensure that you have the best personal asset and business structure in place to minimise the risks to you and your family, when you are alive, when you die and after you die.
Download our Asset Protection Client Guide for more information.
Looking after the administration of an estate may be difficult and at times traumatic and you will be confronted with some complex legal issues. Our Client Guide addresses issues such as the difference between an executor and administrator, the associated costs of dealing with an estate, issues of obtaining probate and letters of administration, how and when to distribute the assets to the beneficiaries, and trusts (to name a few). These are all concerns, you may need to consider when handling an estate.
Asset protection is about reviewing the way you carry on your business, trade or profession, how you own your private and business assets and how to ensure that if the worst occurs, you do not lose everything you have worked so hard to create. Our client guide will help you understand how you can protect your assets.
An unsent text message found on a deceased man’s phone has been declared by the Queensland Supreme Court to be his valid Will. The text message was addressed to the man’s brother, and contained details about how he wanted his assets to be dealt with on his death. The man (who took his own l..
You may have heard in the news recently about Daniel Leverton, a young many who died unexpectedly. Various people have expressed outrage over the fact that his girlfriend of nine months ended up with around $350,000.00 of his superannuation and life insurance, while his two young daughters..