Asset and Property Protection

Estate Planning Review List

ESTATE PLANNING/ASSET PROTECTION REVIEW LIST

 

Asset & Property Protection – Estate Planning Review Checklist

www.legalexchange.com.au & www.trustdeedregister.com.au

www.probatewilllawyersaustralia.com Tel (02) 9281 3230 /0409813622/02 9003 9744

This checklist - some of the more important issues which may indicate that a review  is necessary.

Personal Details: Please complete the following so we can keep your details up to date:

 

Your Full Name/s:    
Home Address:    
Email Address/es:    

 

Please  Check  any boxes which are relevant:

Your Will/s:

  • o  Do you want to change any beneficiaries in your Will?
  • o  Has a proposed Will beneficiary died?
  • o  Has a proposed Will beneficiary ceased to be, or become, a resident of Australia?
  • o  Do you want or need to change any of your Executors?
  • o  Do you want to change any guardians of your minor children?
  • o  Have there been any significant changes to your assets or liabilities? (if so, please provide details in the space on the next page)
  • o  Have you had, or had more children or grandchildren (including adopted or fostered)?
  • o  Have you changed your marital status (e.g. de facto, married, widowed, separated or divorced)? (NB :divorce effectively cancels your Will at law)
  • o  Are there any new, or changes to, loans to proposed Will beneficiaries?
  • o  Are there (or likely to become) physically or intellectually disabled Will beneficiaries for whom you think special provisions should be made?
  • o  Are you concerned about:
    • ·         a Will beneficiary being or potentially becoming a spendthrift and your assets being wasted on your death; or
    • ·         a Will beneficiary who faces business risks (e.g. company director, partner in professional practice, etc.),

 

and you would like to both provide for that beneficiary and protect your estate?

 

  • o  Are you concerned about a Will beneficiary becoming bankrupt and losing their inheritance (i.e. your assets) to their creditors?
  • o  Are you concerned about a Will beneficiary losing their heritance if their marriage or de facto relationship breaks down?
  • o  Do you wish to provide an education fund in your Will for your children or grandchildren?
  • o  Do you want to change any gifts under your Will?
  • o  Have you made significant gifts to proposed Will beneficiaries which you want to be deducted from their future inheritance?

 

  • o  Have you taken out, or transferred the ownership of, any life insurance policies?
  • o  Has proposed beneficiary of a superannuation policy ceased to be a dependant for superannuation or taxation purposes?
  • o  Do you wish to make a new gift to a specific charitable organisation?
  • o  Do you wish to make a gift of assets which are actually owned by a family company, family trust, SMSF or other entity?
  • o  Have You Registered your Will to protect against Loss ?/Storage Adequate ?

 

Your Enduring  Powers of Attorney and Enduring Guardianship:

 

  • o  Do you want to change your Enduring Attorneys?
  • o  Do you want to change your Enduring Guardians?

 

Investment, Business and other structures,Companies/Partnerships/Trusts:

 

  • o  Have you established a family trust, family company, SMSF or any other entity since your last Will?
  • o  Are you concerned about the passing of control of your family company or trust?
  • o  Could family trust distributions which have been allocated, but not yet paid, to beneficiaries (e.g. children) frustrate your desire to treat them equally?
  • o  Are you concerned about the effect of your death on a family trust, family company, SMSF or other entity
  • o  If you are a business owner, are you concerned about what will happen to your business when you (or your business partner/s) die or lose mental capacity?
  • o  Do you and your business partner/s need to have a proper business succession plan in place?
  • o  Have you considered Registering your Trust Deed/ensuring against its loss ?

Have you or do you plan to make Gifts of Money to your children/Beneficiaries while you are alive ?  - should you consider making such gifts a loan instead to provide Family Law and Bankruptcy type protection ?!

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If there have been any changes in your circumstances, if you need to add further details to the forgoing, or if you have any concerns, please provide details below:

 

 
 
 
 
 

 

 

I/We declare that to the best of my/our knowledge and belief the above information is true and correct:

 

Signed:

 

__________________________________          ___________________________________

 

 

Dated:

 

 

Further Information/Queries : Please contact Alex Tees

Tel (02) 9281 3230/9016 7934/0409813622

Email atees@bigpond.com  SKYPE “alextees”