While the lead up to, and after the Christmas, can be hectic for some, this article explains why it may be an optimal time to visit your financial planner.

The run-up to Christmas is usually a hectic time. Aside from the shopping and Christmas parties, there are deadlines to meet, loose ends to tie up and, for many farmers, the last of the crop to harvest. 

Once the big day is over many of us are able to slip into a more relaxed mode, but as your focus turns to leftover turkey and pudding, or lounging on the beach, why not spare a thought for your financial situation? With everyone else relaxing, the Christmas holiday period can be an ideal time to check your finances and start the New Year with everything in order and heading in the right direction.

This article follows the journey of a grieving daughter who recently lost her mother, and now has the task of sorting out her mother’s estate along with how to best utilise her substantial inheritance.

It was the overwhelming silence that hit Judy, the first time she visited her family home after her mother’s passing, and with that thought, the slow, deepening realisation that she was going to have to cope with a lot more than the heart-breaking grief.

As she sat alone, surrounded by the possessions her mother had accumulated during her long, happy life, Judy felt completely lost as to how she was going to deal with packing up her mother’s house, much less sorting through the other assets.

Judy of course, is not alone. More than $120 billion in assets were inherited by family members during 2018 and the Productivity Commission believes this number is set to double to $224 billion by the year 2050.

A good article for anyone asked to be an executor of a Will. It outlines the extensive duties the executor must fulfil and suggests the use of professionals.

If you’re the eldest sibling in the family, or deemed to be the “most responsible”; if you’re seen to be a good friend by someone; or a fine upstanding citizen by others, chances are you will be asked to be an executor of someone’s Will.

After you’ve enjoyed the warm feeling of being wanted, just pause for a moment and take stock of what it really means to assume this most important role.

You need to be aware that when the person dies, you will be required to spend a significant amount of time executing your responsibilities - and these can be onerous.

This article covers the importance of having an ‘In Case of Emergency’ file for estate planning purposes. By using a case study, we explain why you should have an ICE file, what important documents the file should contain, and why it is important that the right people know of the files existence and location.

When Mike died suddenly and unexpectedly Sally, his wife of over 30 years, was overcome not just with grief, but also with panic. Not only did she lose her best friend and soul mate, Mike had always been the family money manager. While Sally knew they were financially comfortable, in the shock of her sudden loss she had no idea how she was going to cope with her new situation.

Fortunately, Sally and Mike’s adult daughter, Melanie, was able to relieve some of that stress. “Don’t you remember, Mum? Dad often reminded us that if anything happened to him we should look for the ‘In Case of Emergency’ folder in his study.”

Do you know what is expected of you if you are appointed your mother’s Power of Attorney? Along with the honour of becoming her POA, are various powers and responsibilities to ensure her wishes are fulfilled. This article delves into the various types of POAs, along with the obligations that come with the title.

“I’m thrilled to announce I’ve been appointed Mum’s Power of Attorney,” said no-one ever in the history of sibling rivalry.

While many of us end up saying that – well, perhaps not the thrilled part – how many of us know what to expect and why.

Addressing the what, a Power of Attorney (PoA) is a legal document through which one person, the principal, provides authority to another, to act on their behalf. It provides powers to make decisions about personal matters like, property, financial obligations, assets, investments, etc.

This article explains how trusts might benefit the creation and preservation of family wealth.

The basic function of a trust is to separate control and ownership. The result of using a trust is that assets are protected and profits are distributed in the most tax-effective way. There is no 'one-size-fits-all' type of trust. The trust you use depends on many factors, such as the type of asset or business, financing, income type, marital status, susceptibility to being sued - just to name a few.

Whilst there are many types of trusts the two most commonly used are:
1. Testamentary trust;
2. Discretionary trust.

This article uses a lighter approach to address an important, and often misunderstood, aspect of estate planning. It uses two case studies to explain what can be done to reduce the chance of a Will being contested, particularly by a family member.

Everyone understands the importance of a Will, but how do you ensure your wishes are carried out when you’re no longer around? Who can contest your Will and what are their chances of success?

Maud’s four children hadn’t visited in years so she left her fortune to an obscure charity for wayward arachnids. An extreme example, certainly, yet many would argue that Maud’s wish to bequeath her estate to spiders should be respected.

Fundamentally, Maud’s situation is common: lonely elderly person, charity, disgruntled family members. Who could challenge Maud’s Will and under what circumstances?

This article focuses on seven life events that require your clients to review important planning issues.

The busier we get the more we tend to put off the important things. Often the last thing we want to think about is our will or other estate planning issues. Living life always seems to get in the way! Sometimes that’s not our fault, especially if there has been a crisis or major change in our lives. The irony is that’s exactly when these issues should take a higher priority.

If you have experienced any of the following it’s time to act.

This important article explains the various tax implications of deceased estates and possible solutions to reduce further grief for beneficiaries. It addresses the effects on capital gains, superannuation and investments. Most people would not be aware of these requirements.

Although death duties were abolished in Australia many years ago, a number of tax issues remain which must be handled effectively by legal personal representatives (LPR) such as the administrators and executors of deceased estates. 

Benjamin Franklin once famously said “In this world nothing is certain but death and taxes.” Beneficiaries often inherit tax liabilities along with bequeathed assets, however with careful planning these implications may be reduced.

This detailed article covers the basic essentials of estate planning – a good reminder for your clients at any time of the year.

It is generally believed that death is final. However, a grieving family knows only too well that the death of a loved one can trigger events that may drag on for years afterwards, especially when it comes to sorting out the estate of the deceased person. Outlined below are some suggestions that may help reduce the burden on those you leave behind.