Wills & Estate Planning
Nextgen.Law | Wills Brisbane & Toowoomba
There are four serious and very common misconceptions about dying and incapacity in Australia:
- Most Australians think that a Will alone will deal with all of their wealth. Why wouldn’t it?
- Most Australians think there is no tax to be paid on death. We don’t have death duties in Australia, do we?? But all we have is the house and a little bit of super??
- Many Australians think they do not have enough assets to bother with a will or estate planning. Superannuation, life insurance, digital assets, pets etc are often not considered.
- Most Australians think that if they simply tell their loved ones what they want to happen if they’re incapacitated, the family can automatically step in and act, as simple as that!
These misconceptions are completely wrong and the consequences of no planning or poor/limited planning is devastating to most Australians.
These mistaken beliefs impact everyday Australians, who as a collective, have the most to lose when wealth is transferred from one generation to the next.
Taxes on Death
Taxes are already payable on death depending on the type of wealth and the beneficiaries’ personal circumstances.
This is where proper estate planning comes in which is different to a basic Will or no Will.
A Will Without an Estate Plan
A Will without an estate plan is a document that deals only with ESTATE assets and there is no discussion about non-estate assets. It does not automatically deal with non-estate assets such as superannuation and jointly held assets etc.
A Will With an Estate Plan
Estate planning deals with both ESTATE and NON-ESTATE assets. It will consider items of vulnerability for you, your intended beneficiaries and the whole of your wealth. It covers off on the questions that are critical, and most importantly, those items that are critical to you.
An estate plan also includes a set of documents that outlines your wishes for your health and personal affairs, if you are alive but unable to manage these issues. This includes your financial affairs, including business interests (if any).
Wealth covered
without an estate plan
- Assets in your sole name
- Real property
- Cash
- Jointly held assets
- Superannuation
- Life Insurance in your superannuation
- Claims on your estate
- Tax impacts
- Concerns/special needs regarding beneficiaries
- Health and personal affairs
- Business interests
Wealth covered
with an estate plan
- Assets in your sole name
- Jointly held assets
- Superannuation
- Life insurance in your superannuation
- Claims on your estate
- Tax impacts
- Concerns/special needs regarding beneficiaries
- Health and personal affairs
- Business interests
Who needs to consider estate planning?
Everyone who is 18 years or older needs to consider estate planning because more often than not, you will have Estate assets and non-estate assets that need to be dealt with if you pass away or otherwise lose capacity to make certain decisions.
Estate Planning & Wills Brisbane, Toowoomba, Darling Downs
Regional, Rural & Remote Queensland
Nextgen.Law takes pride in helping Queenslanders from Brisbane and Moreton Bay, Toowoomba and Darling Downs, and otherwise remotely for our regional, rural and remote families. Nextgen.Law is the Queensland Wills and Estate Planning expert near you.