Wills & Estates
Death is something no one wants think about, but it’s a reality and things need to be sorted out well before-hand to make sure your family’s future is secure.
Estate Planning is more than just a will, it is the review of a person’s personal and financial circumstances, an understanding of their wishes and objectives and the tailoring of strategic solutions to meet their estate planning needs. This can involve the review of family trusts or business structures, the implementation of shareholder agreements or testamentary discretionary trusts or simply preparing an enduring power of attorney.
George Lawyers can review your circumstances and help you plan your estate and the division of your assets. We can also act in the administration of deceased estates in accordance with the deceased’s will. This includes transferring property, shares and other assets to beneficiaries.
When it comes to securing your estate plans and protecting your family - whether it’s within the business realm or ongoing income – setting up a Family Trust can have its benefits. A Family Trust is a specific type of legal relationship that allows one family member to share the benefits of property and income with other family members.
There are some benefits in establishing a Family Trust:
- One of the key benefits of a family trusts is that the trustee can distribute income earned by the trust in any way they see fit, providing the distributions are made to those who qualify as beneficiaries.
- A family trust does not have to pay income tax on income that is distributed to beneficiaries, but does have to pay tax on undistributed income. The trustee is free to distribute trust income to as many beneficiaries as possible, and in proportions that take best advantage of those beneficiaries’ personal marginal tax rates. The beneficiaries then pay tax on distributions made to them.
- A family trust can assist in protecting the family group’s assets from the liabilities of one or more of the family members (for example, in the event of a family member’s bankruptcy or insolvency).
- Provides a mechanism to pass family assets to future generations
- Can provide a means of accessing favourable taxation treatment by ensuring all family members use their income tax "tax-free thresholds".
- Can help with avoiding challenges to the will following the death of a senior member of the family.
If you need help with setting up a Family Trust or reviewing your estate plans, give George Lawyers a call today on 3809 4957.