Estate Planning

Estate Planning

Here’s Airlaw’s overview of legal services related to Estate Planning in Australia:

1. Will Drafting and Review

  • Assisting clients in drafting and updating wills to ensure their assets are distributed according to their wishes and in compliance with the law.

2. Trust Creation and Management

  • Establishing trusts to manage assets for beneficiaries, which can include family trusts, testamentary trusts, or discretionary trusts for tax or asset protection purposes.

3. Enduring Power of Attorney (EPOA)

  • Drafting documents that grant someone the legal authority to make financial and legal decisions on behalf of the individual, in the event they lose capacity.

4. Enduring Guardianship

  • Preparing documents that appoint a trusted person to make lifestyle, health, and medical decisions for the individual if they become incapacitated.

5. Advance Care Directives

  • Assisting in creating advance care directives, detailing the individual’s preferences for future medical treatment and care if they are unable to make decisions themselves.

6. Superannuation and Death Benefit Nominations

  • Advising on and preparing binding superannuation death benefit nominations to ensure superannuation benefits are paid to the intended beneficiaries.

7. Estate Tax Planning

  • Providing advice on the tax implications of estate transfers, including capital gains tax (CGT), income tax, and strategies to minimise tax liabilities for beneficiaries.

8. Asset Protection

  • Structuring an individual’s assets to protect them from potential creditor claims, family law disputes, or litigation, ensuring wealth preservation for future generations.

9. Business Succession Planning

  • Advising business owners on succession plans to ensure a smooth transition of ownership, including establishing buy-sell agreements and business wills.

10. Probate and Estate Administration

  • Assisting executors in obtaining probate (the legal authority to administer a deceased person’s estate) and managing the process of distributing assets to beneficiaries.

11. Dispute Resolution and Contested Wills

  • Representing clients in contesting wills or defending against claims, including family provision claims where someone believes they were unfairly left out of a will.

12. Guardianship and Trustee Services

  • Acting as a guardian or trustee for individuals who require ongoing management of their personal and financial affairs due to incapacity or minority.

13. Digital Asset Planning

  • Advising on the management and distribution of digital assets such as social media accounts, digital currencies, and intellectual property rights after death.

14. Charitable Bequests

  • Helping clients incorporate charitable donations into their estate plan, ensuring tax-efficient ways to contribute to causes they care about.

Costs in Estate Planning:

  1. Legal Fees

    • Fees for estate planning services typically include fixed costs for drafting basic documents (wills, powers of attorney) and hourly rates for more complex matters, such as trust creation and estate tax planning.
  2. Probate Application Fees

    • Executors must pay a probate application fee when seeking to administer an estate, which varies depending on the value of the estate and the state in which the application is lodged.
  3. Ongoing Trust Management Costs

    • If a trust is established, there may be ongoing management fees for trustees, particularly if a professional trustee service is used.
  4. Tax Implications

    • Estate planning can involve costs associated with capital gains tax and stamp duty when transferring certain assets, which need to be considered when structuring an estate.

These legal services help individuals ensure their assets are distributed as they wish, while minimising tax liabilities and potential disputes, providing peace of mind for future generations.