estate planning: preparing your will and nominating an executor

EstatePlanning

Ferdinando(Fred)Scali| 22March2016

WhatisEstatePlanning?

HillRogersTwilightSeminar|EstatePlanning|22March2016| 2

• Passingonassets inthemosteffectiveway

• Animportantpartofyourfinancialplan

Wills

• Whenanindividual dieswithoutaWill,theyaresaidtohavedied‘interstate’

• IntestacyruleswillapplytodeterminehowtheEstateistobedistributed

• Theserulesmaydictatedistributions tobeneficiariesthatwerenotclosetothedeceasedatall

• TheCourtwillappointanadministrator toadministertheEstate

• Priority toadminister theEstatewillbetoasurvivingspouse (ordomesticpartner)andthentothedeceasednextofkin

WhatifIdon’thaveaWill?


ShouldIMakeaWill?


WhatisaWill?

• TestamentaryCapacity

• AdoctorsAssessment?

• Thetechnicalities ofaWill

Yes,Absolutely!

• Identifyyourassets

• Makeadequateprovisionforchildrenandspouse

• Inadequateprovisionmayleadtolitigation

• AlteringyourWill

• Seekprofessionaladvice


ASimpleoraComplexWill?


WhoshouldbeanExecutor?

• Atrustedperson

• Executormanagesanddistributes theEstate

• CantheExecutorbeabeneficiary?

• MisplacedyourWill?

• Theprocessofadministering anEstate

WhatdoIleaveinmyWill?

• Realproperty,shares,cash

• Jointtenantsortenants incommon

• SuperannuationandLifeInsurance?


Probate– Whatdoesitmean?

• CanIleavemyassetstowhoeverIwant?

• Dependants

• TestamentaryTrust


Whocanbebeneficiaries?

• WeformpartoftheEstatePlanningTeam

• Weassisttoensurethatourclientsintentionsaregiveneffect

• WecompilefinancialdatathatwillberequiredintheEstate

AdministrationProcess

• Wedealwithtaxationissuesafterdeath


WhatrolecanHillRogersplay?

CanmyWillbechallenged?


• TestorFamilyMaintenanceClaim

• Makeproperandadequateprovision

• CostsoflitigationcoulddiminishEstate

value

Yes.

Whocanmakeaclaim?

• Spousesandformerspouses

• Defactopartners

• ChildrenandGrandchildren

• Apersonwhowasatsometimepartlyorwhollydependentonthedeceased

• Peoplewhohadaclosepersonalrelationshipwiththedeceased


Howcanyouminimiseapotentialclaim?


• EnsuretheWillcomplieswithallstatutoryformalities

• EnsureadequateprovisionismadeintheWill

• Giftassetsprior todeath(notingthetaxation implications)

• Accumulateassets inaDiscretionaryTrust

• TheuseofLifeEstates orTrustsgivingtherightstoresidence

• TheuseofaTestamentaryTrust

• TheuseofSuperannuation

Herearesomestrategies

• DoIhavecapacitytomakeaWill?

• WhatassetsandliabilitiesdoIhave?

• DoIunderstandtheirownershipstructure?

• DoIunderstandmyfinancialstructure?

• Whoshouldreceivemyestate?

• HaveIdiscussedmyintentionswithbeneficiaries?

• HaveImadeadequateprovisionsforthem?

• WhoshouldbenamedasmyExecutor?

• Whenisthe lasttimeIreviewedmyWill?

• WhereismyWillstored?


Issuesforyoutothinkabout

Aboutthespeaker


With over 40 year’s in professional practice, Fred advises clients in:

• Income tax

• Structuring for asset protection

• Succession planning

• Retirement planning

• Estate planning and management.

Fred is an Executor of numerous Estates and holds Directorships of many private companies.

His directorships have included International Chambers of Commerce and Not for Profitorganisations including the Skin & Cancer Foundation Australia and the Italian OperaFoundation Australia where he is currently both a Board Member and Treasurer.

FredScali- Director,BBus,MBus(TaxLaw),FCA,CTA

Services:Taxation,HighNetWorthIndividualsandProfessionals

t:+61292325111d:+61292200303e:[email protected]:www.hillrogers.com.au

t+6129232 5111 f+6129233 7950www.hillrogers.com.au | [email protected]

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Disclaimer:HillRogersAdvisoryPtyLtdNone of the materialcontained in this publication is, or should be regarded aspersonal or financial product advice. Accordingly, no person should rely onanyof the contentsof thispublicationwithout first obtaining specific advice from HillRogers. Every effort has been made to ensure that the content is accurate,however it is not intended to be a complete description of the mattersdescribed. Hill Rogers, its Principals and agents accept no responsibility to anyperson who acts or relies in any way on any of the material without firstobtaining such specific advice.

estate planning: preparing your will and nominating an executor

Economy & Finance