Future Planning

Future Planning

Often people think about their future planning on the basis that they expect to die in many years time.

Unfortunately, no one typically knows when they are going to die, and in any event, it is nearly impossible to predict what might arise between now and your death.

It is much better to think about what you would like to happen if you had passed away last night (rather than being run over by a bus tomorrow!) so that your future planning is relevant and takes into account the short term.

Ideally, your estate planning should be reviewed every four years and updated as required.

 

Our speciality areas:

Estate Planning

Everyone knows what a Will is. Not everyone appreciates that proper estate planning is more than just a Will – often it will also involves a Testamentary Trust, an Enduring Power of Attorney, an Advance Health Directive, a Superannuation Binding Death Benefit Nomination and a Superannuation Advance Transfer Directive to ensure that all of your assets are dealt with in the manner that you wish should you unexpectedly die or lose mental capacity. read more

Wills

With the terms of a Will tailored to your wishes and to the circumstances of your beneficiaries, you can provide for issues that arise in blended families, divorce and separation, the possible avarice of in-laws, competing obligations and vulnerable beneficiaries (the spendthrift, the addicted, etc), and so give consideration to future generations. read more

Enduring Power of Attorney

Without an Enduring Power of Attorney, your financial and personal affairs may not be dealt with in the way that you wish if you were to become temporarily or permanently unable to make decisions or look after your own affairs. In that case, the Public Trustee may make decisions for you (for a scale fee) and health decisions would be made by your “Statutory Health Attorney”. read more

Advance Health Directive

With an Advance Health Directive, you can clearly state the sort of medical treatment that you do or do not want to receive if you are seriously ill and unable to communicate your wishes to the doctors. read more

Superannuation

If there is not a Binding Death Benefit Nomination in place, it is not unusual for the superannuation fund trustees to reject claims by people who expected to receive all or some of the deceased’s death benefits. If claims are rejected, legal advice should be sought. read more

Estate Administration

An executor of a Will has the responsibility to administer the deceased person’s estate in accordance with the terms of the Will. An executor can be personally liable if he or she does not administer the estate properly. The administration includes determining and protecting the property and assets of the estate, and collecting and distributing the assets of the estate in accordance with the terms of the Will. read more

Family Trusts

We all want to keep money in our pockets. Family Discretionary Trusts provide one very popular way to legally minimize your tax as well as protect your hard earned wealth. At Murdochs we pride ourselves on our holistic approach to structuring and asset protection. read more

Testamentary Trust Wills

Basically there are two types of Wills, a standard will where inheritance is left to the person in their own name and a Testamentary trust will where the inheritance is left to the person but they hold it on trust for themselves and other beneficiaries such as their children and related entities. Read More

Contact Information

Direct Line: 07 4616 9815
Email Address: tom@murdochs.com.au