You Have Trusts or Companies

An estate plan needs to cover all of your wealth

Your Will does not cover assets that you hold in your family trust and it does not automatically cover assets you have in super or companies. You need the right testamentary document in place for each of the entities that you own or control, so that the wealth contained in them passes in line with your wishes. In addition, you also need to consider who controls those entities if you were to lose capacity.

Have you covered off on your Super?

Your Will does not automatically govern your super death benefit. Superannuation will normally be one of your biggest assets, particularly if you also have life insurance in super. How you provide for your death benefit to pass depends on whether you have a self managed super fund, or are part of an industry/retail fund. Each super fund is governed by its own set of rules (the trust deed and the Commonwealth legislation). The rules require strict adherence to the terms they set. Who you nominate to benefit from your super should be done in conjunction with your Will and Enduring Power of Attorney, and take into account the tax payable on death benefits to certain beneficiaries.

Estate planning for your family trust

The assets in your family trust are not owned by you and therefore cannot be gifted in your Will. If you have control of the trust and your trust deed allows, you may be able to nominate a new controller of the trust if you die or become incapacitated. The best way to do this by way of a separate deed of appointment. We can review your deed and advise you as to what you can and can’t do under its terms. In many cases, we can amend the deed to enable you to make the appointments you wish and which align with you Will and other testamentary documents.