ESTATE PLANNING

###WRITTEN BY BB

Given the complexities of taxation laws, family law disputes with creditor claims and given the fact that most of us now have, or are likely to have, in the future a family home as well as superannuation (including life insurance), a simple will is not always appropriate. We can assist you in making a plan suitable for you and your family. This involves:-

Identifying and understanding the nature of your assets and liabilities (particularly in connection with complex corporate and trust structures);

Discussing options available for passing on your assets by will or, if appropriate, during your lifetime;

Discussing with you a binding death benefit nomination (particularly in connection with self managed superannuation funds);

Working with your accountant and financial adviser to discuss the impact of taxation laws on your assets on death and how that impact can be taken account of in your will; and

Working with you on succession planning for your business.

###WRITTEN BY BB

If you are the executor in a deceased’s estate, you will be required to carry out the instructions of the deceased person according to their will or distribute that estate under the law of intestate succession if there is no will.

In many cases, you will be required to obtain either a Grant of Probate or Letters of Administration from the Supreme Court. This gives you the power to collect and deal with the assets in the estate.

Working to identify the assets and liabilities of the estate;

Advising you as to how the will determines the treatment and distribution of those assets;

Advising you on the treatment and distribution of assets where there is no will;

Preparing an application to the Court and explaining the process to you;

Assisting you to give effect to the intentions of the deceased whether by converting the assets into cash or transferring specific assets to the beneficiaries;

Ensuring you complete the administration of the estate according to law; and Protecting you, wherever possible, from claims by creditors or relatives of the deceased.

Every adult should have a Will. It will cover assets accumulated during your lifetime.

It should be noted that where no will is left by a person (intestacy) the law does provide for succession by named beneficiaries as well as identi- fying those beneficiaries entitled to apply to be executors.

Whilst legislation exists in cases where there is no will, the result could be in conflict with your wishes and inappropriate for the ultimate benefi- ciaries.

Bob has been preparing Wills for over 40 years and is able to identify as well as solve many problems which arise, particularly in blended families with children.

CORPORATE/

COMMERCIAL

AGRIBUSINESS

PROPERTY

ESTATE PLANNING

FAMILY

###WRITTEN BY BB

Your Will takes effect on death. However, an Enduring Power of Attorney makes provision during your lifetime for someone to administer your financial affairs. In addition, if you were to become incapacitated through age, illness or an accident, the same document gives your attorney power to make decisions for personal and health matters based on your wishes.

The document therefore continues even after mental incapacity. This is important when decisions have to be made and a person is unable to give instructions.

CORPORATE/

COMMERCIAL

AGRIBUSINESS

PROPERTY

ESTATE PLANNING

FAMILY

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Contact Bogie & Co now:

07 4946 3700

RECEPTION@BOGIECO.COM.AU