Estate Planning Lawyers Melbourne
Our lawyers integrate the client’s personal objectives and wealth preservation goals into the estate planning process at every step of the transaction – which may include considerations such as protecting family inheritances in mixed marriages, philanthropic wishes or disability trusts for family members in need.
Diverse circumstances can put an individual’s assets at risk. This may include failed business ventures, public company directorships, personal injury claims or the termination of marital or other personal relationships.
This planning also needs to consider insurance coverage, professional status, asset holdings, family status, charitable giving among other variables. Unique strategies which can be adopted by Rockwell Private Law such as tailored Asset Protection Trusts or “APTs” play a large role in striking the balance between protection, flexibility and tax management. They also fit into the overall estate planning considerations.
Will Planning
A Will is a legal document that helps to distribute your assets and wealth after you pass away. One of the primary purposes of a Will is to appoint an executor who assumes control of your estate. In addition, a Will allows you to nominate your beneficiaries, the people who benefit from your estate. On top of that, it can also include terms on funeral preferences and guardianship of children.
It is imperative to take steps to formalise your Will while you can, given that the transaction takes place after you have gone. As daunting as this may sound, a Wills Lawyer is qualified to hold your hand through every step of the process. With their help, you can decrease the likelihood of any disputes occurring over your Will.
Power of attorney
Giving someone Power of Attorney enables them to act on your behalf legally. Depending on your circumstances, they can make decisions for you surrounding legal, financial, medical, or personal matters. Given what a big responsibility assuming Power of Attorney is, it is important that you choose someone who only has your best interests at heart.
A Power of Attorney lawyer will help you take the emotion out of your decision with expert advice on who to nominate and the level of control to give them.
Trust Law
A trust is a legal arrangement whereby a ‘settlor’ transfers assets to a ‘trustee’, who manages those assets for the benefit of one or more beneficiaries. The legal framework that governs the creation, administration, and termination of trusts is known as ‘trust law’.
Trust law is an important aspect of estate planning and asset protection because it provides a mechanism for individuals to transfer assets to their loved ones or provide for the ongoing management of assets for the benefit of minor children or family members with special needs. By transferring assets to a trust, the settlor can retain control over their assets while shielding them from creditors and lawsuits, and minimising tax obligations by taking advantage of favourable tax laws or strategies.
What is a Testamentary Trust?
A Testamentary Trust is created by your Will to enable greater control over the distribution of assets to beneficiaries. It is up to you to appoint a trustee who will manage the assets in the trust. One of the main benefits of a Testamentary Trust is that it gives you the power to protect assets that are a part of your Will, such as investments or property.
A Testamentary Trust also allows you to utilise tax advantages, like reducing the tax paid by beneficiaries from income earned from inheritance. These benefits cement a Testamentary Trust’s status as a powerful estate planning tool.
Estate Planning and Asset Protection FAQs
Estate Planning Attorneys help you with all aspects of resolving your estate in the event of your death. They help protect your assets, resolve issues, and fairly distribute any property or wealth to those you care most about.
Estate Law revolves around the physical and personal property of a person. It is involved both during a person’s lifetime and after. It works closely with Transactional Law and Litigation.
Will - often the first step a person takes with their estate planning, a will is a document that describes the intent for your assets in the event of your death. Trust - This is a document explaining how your beneficiaries should handle your assets once they have been received through your Will. Power of Attorney - This grants someone permission to act on your behalf with legal matters if you were to become incapacitated. This person should be acting in your best interest. Health Care Directives - You can set specific health conditions above the duties of anyone with a Medical Power of Attorney over you. Beneficiary Designations - Specific instructions on who can receive funds and payouts in the event of your death. Often these include charitable organisations
The cost of estate planning can vary depending on the complexity of an individual’s financial and personal circumstances. To get a clear understanding of the cost of estate planning, get in touch with our legal team. One of our estate planning attorneys can provide you with a customised quote, and answer any further questions you may have.
These lawyers are here to protect your assets against any legal challenge of ownership which goes against the wishes of your will. They work on your behalf before your passing to make sure the strongest defence of your assets is in place now, rather than fighting for you later.