Life Begins At.....
Issue link: http://ebook.aprs.com.au/i/47118
WILLS AND BEQUESTS the surviving joint tenant without reference to the terms of your will. Trust assets think that your estate will be the subject of litigation, you should engage a specialist legal practitioner to ensure that your affairs are properly in order. Benefi ts of having a legal practitioner attend to your succession planning While there are will 'kits' available online and even from the post Offi ce, it's always best to seek the advice and assistance of a legal practitioner, to avoid mistakes and to ensure all documents are fully and correctly fi nalised. If cost is an impediment to having a will prepared, consider low cost options like having your will prepared by the Public Trustee in your State or Territory or visiting your local legal practitioner, who may be cheaper than you think. However, if you have a complex asset structure or family tree or Example Take for example, Tony. Tony receives a quote of $500 from a legal practitioner to prepare his will. Tony decides to avoid the cost and prepare his own will. He writes his own will giving all his estate to his friend Phil. Tony signs the 'will' but does not have his signature witnessed. On Tony's death, to enforce the terms of Tony's 'will', Phil has to make an application to the Court. The legal costs associated with making the application total $12,000. A signifi cant cost if viewed in light of the cost the legal practitioner would have charged Tony to prepare a will that complied with the usual requirements of a valid will. 44 THE RETIREE SUMMER The initial cost of implementing an appropriate succession plan is insignifi cant when considered in light of the potential cost to your estate if you fail to put appropriate measures in place during your life. Assets to which your will applies Only assets that fall within your estate will be distributed with reference to the terms of your will (or intestacy rules, if you die without a will). Some assets that may not fall within your estate are detailed below: Joint tenancy Property you hold with another person as joint tenants will transfer automatically on your death to On your death, the assets of a trust will continue to be held by the trustee of that trust with reference to the terms of the trust deed that governs the trust. If you hold the position of trustee or principal of a trust, you may be able to appoint a replacement to fi ll your role via the terms of your will. Company assets On your death, the assets of a company will continue to be held by the company with reference to the terms of the constitution of the company and the desires of the shareholders and directors of the company. If you hold shares in a company you may gift the shares in that company via the terms of your will. If you hold a position as a director of a company, your role as a director will cease on your death. Superannuation On your death, the trustee of your superannuation fund may distribute your superannuation entitlement: