Where will your wealth go when you go? Get peace of mind for you and your family with current and valid estate planning.
The Australian Guide to Wills and Estate Planning helps you leave your wealth to your selected beneficiaries, avoid family disagreements and protect your financial legacy. This plain-English guide makes estate planning easy - providing exactly what you need to know to get started.
You have spent substantial amounts of time and energy creating your wealth. However, planning how your wealth is to be distributed after your death likely receives little attention. It is common for people to consider preparing a will only when a personal life event brings the topic to the fore - the death of a family member or close friend, a personal health issue or overseas travel. The emotional stress and time constraints associated with such circumstances are avoidable if you plan your estate today.
Wills and estates expert Andrew Simpson shares his extensive knowledge to help answer your questions and prepare for the future today. From planning your retirement, to writing a will, to distributing your assets, each aspect of estate planning is highlighted by informative case studies, practical examples and easy-to-read explanations.
This clear, jargon-free guide answers your estate planning questions and enables you to understand the fundamentals of the estate planning process. Designed specifically for readers with little to no experience with wills and estate planning, this book will help you:
- understand the vital aspects of the estate planning process
- know what to look for when choosing a professional estate planner
- minimise tax burdens for yourself and your family
- use trusts to safeguard your assets
- protect your will from legal challenges.
With the latest financial and tax guidelines, this is a must-have resource for anyone seeking to confidently pass on their wealth to future generations. The Australian Guide to Wills and Estate Planning is for anyone wishing an easy, stress-free way to sort their affairs and enjoy peace of mind.
Table of Contents
About the author vii
Acknowledgements ix
Preface xi
Part I: Understanding estate planning 1
1 What is estate planning? 3
2 Estate assets 11
3 Intestacy 19
Part II: The will 27
4 Planning your will 29
5 Appointment of executors 39
6 Contents of the will 55
7 Updating, revoking and storing your will 75
8 Protecting your will from challenge 83
Part III: Trusts and estate planning 95
9 An introduction to trusts 97
10 Types of trusts 109
11 Testamentary trusts 123
12 Capital-protected and protective trusts 139
13 Proceeds trusts 157
Part IV: Taxation and superannuation 169
14 Taxation and death 171
15 Death and superannuation 183
Part V: Lifetime planning 203
16 Powers of attorney 205
17 Binding financial agreements 225
18 Business succession and estate planning 229
19 Life insurance 241
20 Planning ahead - arranging your funeral 247
Part VI: Estate planning and elder law 251
21 Centrelink and estate planning 253
22 Centrelink and the treatment of private trusts and companies 263
23 Reverse mortgages 275
24 Aged care 283
25 It’s up to you now 295
Glossary 297
Appendix: Step-by-step estate planning guide 303
Index 305
