We specialise in trust, personal asset planning, succession, trustee series, estate administration and superannuation.
Estate planning, trusts and wills
Asset protection incorporates a multi-discipline approach from personal asset planning through to succession, and often times involves the use of trusts to manage and protect your assets. In conjuction with this, anyone over the age of 18 should consider preparing a Will. We also administer your estate following death, as well as assisting your personal representative on any legal issues or matters that may arise during the administration of your estate.
Trust and asset protection
There are a number of reasons for establishing a trust. The most common are for asset protection, protection from creditors, potential tax advantages, means testing protection and relationship property protection. For a trust to be able to weather scrutiny, it is important that you have expert advice and guidance, and our team are highly experienced in creating, preparing and maintaining the necessary structures to meet your personal and commercial circumstances.
A current and valid will is an important document. People may think if they do not have a will that everything will automatically go to their partner, but this is not always the case. If a person dies intestate (without a will), then the estate would be administered according to the Administration Act 1969. It is quite possible that your estate may go to people that you did not wish it to go to.
To prevent these issues from arising, a will will achieve this. It’s important if you have dependent children that you appoint a testamentary guardian (a named person that will take care of any children you may have).
Enduring power of attorney (EPA)
An EPA allows you (the “donor”) to appoint a trusted person (the “attorney”) to act on your behalf. Hear at AA Law we are experts at drafting EPAs and can guide you through the whole process.
There are two types of EPA: one for property – this covers your assets which includes your finances; and an EPA for personal care and welfare – this covers decisions about your health and associated care decisions, and only comes into effect if and when you lose capacity.
An EPA is a very powerful and important document. It allows somebody to basically step into your shoes and make decisions as if they were you. Therefore we can help you through the minefield of deciding who to appoint as your attorney.
We have a highly experienced team to guide you through the potential issues to reduce the risk of donor misusing their powers and not acting in your best interests.
This is a particularly difficult time dealing with a loved one’s estate, and our caring team of experts are on hand to make the process as simple and as seamless as possible.
We deal with the administration of the estate from the initial application to the High Court, collection of the estate assets, payment of any debts of the estate, completion of any tax obligations of the estate, through to the final distribution of the estate to the beneficiaries.