Estate Planning

A comprehensive estate plan is not just about the preparation of a Will, it goes well beyond this to include the assessment, management and control of your personal, family and business assets.

An essential part of Estate Planning is the broad knowledge and understanding of the various taxation laws and the implications these might have on your planning requirements. Our lawyers provide a wealth of knowledge in this area and will guide you step by step through your Estate Planning process.

  • Taxation Issues
  • Understand your Superannuation
  • Advice on taxation laws and implications
  • Use of structures to affect Estate Planning
  • Stamp duty implications

Secure your assets and protect your loved ones today. Send us an email or give us a call 03 5941 1622.

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Frequently Asked Questions

What’s the difference between a Will and Estate Planning?

Estate planning prepares the ownership and holding of assets in a way that ensures assets are protected from claims made under a Will, and ensures that the ownership of assets transitions to the intended party.

Claims against an estate for non-provision under a Will can be both complex and costly affairs, and can result in the distribution of assets in a manner that the Will maker did not intend. Likewise, a failure to understand the nature of the ownership of assets can have unintended consequences, such as jointly held assets in a blended family situation.

Well planned estates ensure that this does not occur, and provide peace of mind that the assets will remain intact and in the hands of the intended recipient.

I have an older Will – Should I review this document?

Often, Duffy & Simon will see clients with wills that were prepared early on in a person’s life, or which were prepared quickly and cheaply with no regard to the person’s true financial position.

It is important that your full financial circumstances are reflected in your Will, and that a full review of your estate is conducted, to identify whether there are steps than can be taken now to minimise claims, and to ensure that the structure of family trusts are accurately accounted for both in the estate planning process and the Will.

How do I choose the Executor of my Will?

Selecting the right person to act as the executor of your Will requires a careful consideration of not only the complexities of your estate, but also the relationships between those people who will be the beneficiaries under your Will.

Whilst it is usual for spouses to act as executors in each other’s Wills, and for adult children to act as alternate executors for their parent’s Will, consideration should be given to whether any of the assets require complicated management, or whether there are any issues that may produce conflict in the Administration of the estate.

Duffy & Simon can assist in the selection of your executor in light of both your assets and your wishes with respect to your estate.

What is a Trust Will and do I need one?

A Trust Will is a Will that creates a separate testamentary trust within the Will itself.

This is usually undertaken with a view achieving one or more of the following:

  1. Protecting the assets of the estate from a claim being made by a person who has been excluded from the Will; and/or
  2. Providing a mechanism to provide for a person, but to ensure that the control of those assets sit with a third party, such as where there exists a drug dependency issue or where the beneficiary has financial management issues.

Duffy & Simon can advise you on the best course to adopt in drafting your Will and planning the distribution of your estate, including whether a Trust Will is suitable to your needs.