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Wills, Probate and Administration of Deceased Estates |
When making a will, you should give thought to:
- Who to appoint as your Executors and Trustees
- Who to appoint as guardians of your infant children
- What assets you can dispose of by your will and what assets you cannot (such as those owned by a Family or Discretionary Trust)
- What liabilities you need to provide for by your will
- Who you wish to benefit from your will and how the interest of competing parties can be satisfied
- Whether your wishes can be challenged
- Your funeral arrangements
- The powers and directions you should give to your Executors and Trustees
- Where to keep your will and who should know where it is kept
- The benefits of having an Enduring Power of Attorney, Guardianship Power of Attorney and a Medical Treatment Power of Attorney
Testamentary Trusts are one of the greatest planning tools available to every taxpayer and their advantages far exceed the tax relief and include:
- Protection of pension entitlements for surviving spouses and Beneficiaries
- Income tax advantages to Beneficiaries of a will
- Capital gains tax advantages to Beneficiaries of a will
- Protection of Beneficiaries against creditors and bankruptcy
- Control of assets against spendthrift Beneficiaries
Blended Families
Rising divorce rates bring about complicated relationships - and the process of dividing assets between children, de factos and former partners.
Legislation enacted in Victoria can overturn the provisions of a will if the claimant can show that:
- a legal or moral obligation arises from the deceased; and
- where there is evidence of financial need.
To cater for this, it is appropriate to draw a will in such a way that the surviving partner is able to survive any such onslaught.
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