Estate Planning, Trusts & Wills
Turner Hopkins can assist in how to plan, manage and protect your assets both during your lifetime and on your death.
Asset protection incorporates the use of discretionary family trusts to manage and protect your assets. The other way to ensure what you have worked hard for goes to those you wish is to prepare a Will. Every person over the age of 18 should consider preparing a Will.
We can also assist in the administration of your estate following death as well as assisting the personal representatives on any legal issues or matters that may arise during the administration of a deceased’s estate.
There are a number of reasons for establishing a Trust. These include asset protection, protection from creditors, potential tax advantages, means testing protecting and relationship property protection (matrimonial). We have experience in creating and preparing the necessary structures that will meet your personal and, where necessary, commercial circumstances.
Apart from using Trusts to plan your estate, the other way to ensure what you have worked hard for goes to those you wish is to prepare a Will. Every person over the age of 18 should consider preparing a Will. A current and valid Will is an important document which contains your final written instructions as to significant issues on your death.
If a person dies without a Will, then your assets and other personal possessions will be distributed in accordance with the Administration Act 1969. It is then quite possible that your estate may go to people that you did not wish to and the costs to administer the estate, where there is no Will, will be more. Turner Hopkins can assist in preparing or updating your Will.
We can assist in the administration of your estate following death. This would include making application to the High Court for the last Will to be approved for administration. Assisting in collecting and managing the estate assets, paying any outstanding debts or moneys from the estate, helping to complete a tax return for the estate, and ultimately assisting with distribution of the estate to the named beneficiaries. We can also assist the personal representatives on any legal issues or matters that may arise during the administration of a deceased’s estate.
The highly experienced team at Turner Hopkins understands that setting up an EPA can be a daunting task. We have the right team to help guide you through the potential issues to reduce the risk of the Donor misusing their powers and not acting in your best interest.Send an Email Enquiry →
A Trust is quite a simple concept. Basically, you transfer ownership of your assets to another party. You want to do this by passing the assets onto someone else while ensuring you retain control over them. So a family trust allows the ownership of your valuable assets to be in someone else's name while you still have access to them.
Family trusts have been around since Roman times. While there are endless reasons why people need to have a Trust, here are a few reasons that provide some benefits:
A family trust is established by drawing up and executing a trust deed. There are three parties involved:
A trust deed is a legal document and establishing one is a job for a lawyer. Your accountant and financial advisor may assist with establishing a trust, but a solicitor should do the actual trust formation and asset transfers.
Each trust is unique and will need to be customised on an individual basis. There have been many horror stories of people who have tried to create trusts themselves. Often, critical and important information is missing which could have a negative impact later.
While tax benefits for trusts have gradually diminished over the last twenty years, there are still some tax advantages by having a trust. For example a trust can income split and benefit from the lower tax rate of a beneficiary.
The answer is yes.
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