Overcoming Asian reluctance to estate planning

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Migrants or permanent residents in Australia who have backgrounds from Asia are often very averse to discussing estate planning.  There are a number of time-honoured cultural reasons for that, but Jonathan See looks at whether they are still relevant. Chang and his wife, Ming, migrated from China to Australia in 1975 with little money in... Read more continue reading

Power of attorney appointment does not license early access to inheritance

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Understanding your responsibilities if you have a power of attorney appointment for your parents is as much about ethical as well as legal responsibilities, Australia’s leading trustee company, Equity Trustees, has cautioned. Being appointed an attorney under an enduring power of attorney authorises you to make important legal and financial decisions when someone loses capacity... Read more continue reading

Do you have the Will to cope with the ‘roaring 20s’?

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Not just a new year, but a new decade has arrived – the new ‘roaring 20s’ – but can your Will cope with the decade ahead? “If you think about all the things that changed for you and your family over the past decade, you quickly see that your world could look very different by... Read more continue reading

They will sort it out when I’m gone (and other flawed estate planning assumptions)

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It’s a common assumption fraught with danger: Many people appoint one of their children to be the executor of their will – expecting (or hoping) that everything will be resolved after they’re gone. “It’s a very common way to think,” said Marie Brownell, National Manager of Estate Planning at Equity Trustees. “But there are two... Read more continue reading

Australians not yet prepared for largest intergenerational wealth transfer in history

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New research from Perpetual reveals over half of Australians (56%) do not currently have a will in place and more than half of parents (53%) have not discussed their will and legacy with their children, despite the nation gearing up to face the largest intergenerational wealth transfer in history. Perpetual recently surveyed 3,000 Australians to find... Read more continue reading

Can grandchildren be beneficiaries of BDBNs?

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Often a member of a superannuation fund (whether self-managed, industry or retail superannuation fund) will want to provide for their spouse and, if the spouse should predecease them to their children and, if one of the children predeceases them, to the issue of the deceased child; that is, their grandchildren. Consider the position of Xander... Read more continue reading

Probate – a detailed overview from SuperCentral

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The process of probate may seem straightforward but, depending on the complexity of a client’s estate plan, along with family dynamics, it is not always easy to navigate. Here we cover some of the frequently asked questions about probate. What is probate? Simply, probate is the validating of a Will. Why does probate need to... Read more continue reading

CPD: Estate planning – overcoming client objections

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Financial advisers are ideally positioned to initiate and project manage the process of implementing an estate plan. Unfortunately, there are those clients who don’t believe they need an estate plan or feel that having made a Will is sufficient to protection for their estate. In this article by Zurich, common objections – and possible responses... Read more continue reading

CPD: Estate planning – where there’s a Will there’s a way

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Often, when people think of estate planning, they focus on the consequences following death. As a result, they often do not appreciate that there are many documents which need to be properly drafted as part of their estate planning. Of those, the Will is a key document, along with Powers of Attorney, and Testamentary Trusts.... Read more continue reading

Planning mistakes blended families make – planning for retirement more than financial

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Six planning mistakes for blended families to avoid Blended families should take a holistic approach to estate planning and how they pass on their wealth, because getting it wrong can cause irreparable damage to their finances and their family relationships, according to Stanford Brown private wealth adviser, Kirsten Lynn. “Tax effectiveness and asset protection are... Read more continue reading