Our estate planning services help you to ensure the administration of your finances are carried out according to your wishes, in the most efficient way, in the unfortunate event of your death.
This can range from just a simple Will to much more including appropriate asset protection strategies and setting up discretionary testamentary trusts within your Will to distribute your estate to your beneficiaries in a tax efficient manner, minimise the possibility of challenges to your Will, avoid family disputes and costly litigation, minimise capital gains tax, protect your estate from claims from divorce, bankruptcy or creditors.
A power of attorney is a legal document that gives power to another person (the attorney) to do things on your behalf in relation to financial matters. There are two types a General Power of Attorney and an Enduring Power of Attorney.
A General Power of Attorney enable the attorney to do things such as such as operate a bank account, deal with property, pay general bills on your behalf or buy or sell a property when you were overseas.
An Enduring Power of Attorney is a practical way to prepare for the future. It continues to operate after the person has lost the mental capacity to make their own decisions at some time in the future.
The attorney has a legal obligation to always act in the best interests of the person. Careful preparation of the documentation can ensure that the attorney cannot gain a benefit from being an attorney, use the principal's money and assets for the attorney or anyone else. The attorney must keep their own money and assets separate from the money and assets of the principal (unless they are joint owners of property or a bank account) and keep proper accounts and records of how the attorney handles the affairs of the principal. The Public Trustee or Guardianship Tribunal, or anyone interested in the welfare of the principal, can require the attorney to produce these accounts and records.
The Process involves explaining the obligations and limits imposed on attorney's, taking your instructions as to the precise nature of the powers you wish to give to the attorney and drafting and finalising the Power.
The fixed fee for a General Power of Attorney is $250.00.
The fixed fee for an Enduring Power of Attorney is $350.00.