Having your affairs in place provides you peace of mind. Planning for the inevitable protects your wishes, protects the value of your estate and it protects vulnerable beneficiaries who won’t have your support when you are gone. Most consider a Will the only means of wealth transfer. But there are some options that may preserve your estate so that future generations, beyond the immediate beneficiaries, also benefit.
Wills and Power of Attorneys (POA)
The first step in estate planning includes drafting your Will. Without a Will your beneficiaries could have a long and stressful wait as the courts decide the fate of your estate.
A well drafted Will nominates an executor for your estate, nominates beneficiaries and succeeding beneficiaries, bequeaths monetary value or percentages of the estate, and nominates assets to be held in trusts for children and arrangements for their care.
Charter Towers can also help you decide if a POA is necessary. A power of attorney is written authorisation for someone to represent you or act on your behalf. This includes your private affairs, business or other legal matters.
Testamentary Trusts and protecting vulnerable beneficiaries
Using structures such as Testamentary Trusts can ensure, for example, that assets are passed down to children even if a surviving partner remarries. Other benefits include: preserving social security entitlements, advantages with capital gains tax and income tax, protecting assets and providing for those with a disability, mental illness or addiction, beneficiaries with limited financial skills, and protecting from bankruptcy or divorce. Our advisors can help determine if a trust is best for you.