Estate Planning

Insights, Tips & Tricks

What you need to know

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Consequences of getting it wrong?

Elder abuse

Successful claims against the estate

Beneficiaries missing out on their inheritance

Significant tax liabilities

Significant legal costs

Loss of social security benefits

Family relationships destroyed

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Who will look after your affairs if you lose

capacity?

Who will raise your children if both parents die?

Do any beneficiaries have special needs?

Is there a possibility that someone will make a

claim against your estate?

Examples of matters to consider

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Why make a Will?

The right people benefit

Avoid stress and financial expense for your family

Choose your executors and trustees

Appoint a guardian for children under 18

Ensure beneficiaries receive their inheritance at a time that you think would be appropriate

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Estate and non-estate assets

Estate assets often include:

possessions (e.g. furniture, motor vehicles and jewellery)

property

money in bank accounts, shares and managed funds

future estate assets (e.g. trust allocations and

Non-estate assets generally include:

most superannuation and life insurance death benefits

assets held in family/discretionary trusts

some life interests, pensions and annuities.

jointly owned assets

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Blended families

Obligations to current spouse and (step)children as well as obligations to the ex-spouse and (step)children from that relationship

Useful strategies to ensure beneficiaries are taken care of include:

Mutual Wills

Life Interest Trusts

Use and Enjoyment Trust

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Enduring Power of Attorney &

Enduring Power of Guardianship

Enduring Power of Attorney – allows you to appoint someone to take care of your investments and other

matters if you become physically or mentally impaired

unable to manage your affairs.

Enduring Power of Guardianship – allows you to appoint someone to make personal, lifestyle and sometimes

decisions on your behalf in the event of you losing legal

capacity.

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4 Reasons to consider a

Testamentary Trust Will

Tax

Divorce

Death

Asset protection

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Testamentary trusts

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Reason 1: Tax

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Reason 1: Tax

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Reason 2: Divorce

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Reason 2: Divorce

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Reason 3: Death

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Reason 3: Death

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Reason 4: Asset Protection

For every home in Australia lost to fire there are 22.5 homes lost due to bankruptcy. The top 5 reasons for bankruptcy are:

Job loss

Divorce/separation

Debts and credit cards

Poor health

Litigation

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Reason 4: Asset Protection

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Conclusion

Estate planning is complicated but can be made easier with the right advice

Talk to your Bentleys Financial Adviser who will work together with you and your legal adviser

Speak to us after the presentation to organise an appointment

Nick Gahan

Senior Financial Advisor

Authorised Representative of Count Financial Limited

08 9226 4500

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Disclaimer

This presentation has been prepared by Nick Gahan, an Authorised Representative of Count Financial Limited ABN 19 001 974 625; AFSL 227232 ("Count") a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 and is for general information only. Count advisers are authorised representatives of Count. Count is a Professional Partner of the Financial Planning Association of Australia Limited.

Information in this document is based on current regulatory requirements and laws as at 30 March 2012, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document. The relevant PDS should be considered before making a decision about any financial product. Taxation considerations are general and based on present taxation laws, rulings and their interpretation and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information.

Case studies in this presentation are for illustrative purposes only and do not represent actual returns. Individual circumstances may vary and this will alter the outcome.

This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.