An Argyle Estate Planning Package

A properly drafted and tailored Will is vital to ensuring your estate planning objective are achieved in the most tax effective manner possible and to ensure your assets are protected for those whom you wish to benefit.

Depending on the complexity of your estate a simple will may suffice, though careful drafting and tailoring is no less important.

In certain circumstances a Testamentary Trust will may assist you achieve significant tax savings to maximise the benefits flowing through your estate.

Under current tax law, a properly constructed Testamentary Trust allows you to pass assets to children and grandchildren under the age of 18 years without attracting the penalty rates of tax which would ordinarily apply. This may result in significant tax savings. A Testamentary Trust is most effective where you wish to benefit, either directly or indirectly, children, grandchildren or other relatives under the age of 18 years, though it does not preclude benefits flowing to other beneficiaries.

In addition a Testamentary Trust may offer the following benefits:

•	the discretion to distribute different types of income to different beneficiaries to ensure maximum tax effectiveness of distribution;
•	protection of assets from creditors, marriage or relationship breakdowns and subsequent relationships;
•	protection against potential loss of social security benefits received by a beneficiary.

A defacto Testamentary Trust established following death can offer some of the assets protection and income tax benefits of a Testamentary Trust if it is established within 3 years of death and is principally for the benefit of the deceased’s minor children.

The advantages offered by The Argyle Partnership’s Testamentary Trust are:

•	the flexibility to achieve all your estate planning objectives;
•	significant tax advantages;
•	asset protection to ensure your estate is preserved for those who you wish to benefit;
•	tailoring of trustee powers to meet in your individual requirements;
•	the ability to control who manages the Trust in the future;
•	a constantly updated Trust Deed which reflects ongoing changes in legislation and policy.

A Power of Attorney is simply a means by which you give another person the power to act on your behalf. It may be limited to certain specific Acts or enable your attorney to do any act which you would be able to do with full legal effect.

The advantage of an Enduring Power of Attorney is that it will continue to exist despite your suffering some unsoundness of mind which would cause a general Power of Attorney to lapse.

This may be vital where it is necessary for someone to be able to make financial and other decisions on your behalf. The alternative is that your assets become controlled by the Office of the Protective Commissioner whose control is terminable only by application to the Supreme Court.

The advantages of an Argyle Partnership Enduring Power of Attorney are:

•	the ability to control who makes decisions in relation to your health, care and financial and personal affairs in the event you suffer a mental disablement;
•	the potential to save substantial delay and legal costs associated with wresting control from a statutory body such as the Office of the Protective Commissioner;
•	asset protection.

A Declaration of Life allows you to influence decisions relating to your future medical treatment and quality of life.

A Declaration of Life allows you to make an informed decision now about the management of your future care and communicate those wishes to your family and medical practitioners.

You may choose to direct the point at which life sustaining medical treatment be withdrawn or, that such measures to be sustained.

Though the legal position relating to declarations of life is not settled, making your wishes known to those who ultimately need to make those decisions will assist them at a difficult and emotional time.

The advantages of an Argyle Lawyers declaration of life are:

•	the ability to make your wishes known to those ultimately responsible for making decisions relating to your treatment and care
•	peace of mind to your family that they are doing what you would want

Argyle Lawyers Pty Ltd offers a comprehensive estate planning service which enables you to tailor your estate plan to meet your individual circumstances no matter how complex those circumstances may be.

If you would like further information click here to e-mail our Tax and Superannuation Team.