Yes, a Testamentary Trust is an example of a tool that is commonly applied to the provisions within a Will which helps provide protection of your assets. There are many benefits of incorporating a testamentary trust into your estate planning including;

– Taxation benefits for beneficiaries.

– Having a control in place so that the intended beneficiary does not squander the estate and,

– A potential level of asset protection if the intended beneficiary was in a business or position where they could be subject of being sued.

Here at U-First Financial Solutions, we offer an estate planning facilitation service for you, whereby we meet and discuss your asset ownership and discuss your estate planning wishes in detail with you.

We have a referral arrangement with a local solicitor who specialises in estate planning . We support you through the entire process to ensure that you have a full understanding of how your assets will be dealt with on your passing, ensuring that your assets pass to your loved ones in line with your wishes.

It is a complex world and a good estate plan reduces the financial cost of dealing with your estate after your passing and also removes the stress your loved ones are likely to experience.

Receiving good advice and having a good estate plan in place is the only answer. As different assets can be dealt with under different rules on your passing, it is important to receive advice on how best to deal with each of the assets with consideration of the structure and ownership of the asset as part of your estate planning.

For example; a superannuation benefit which passes to your spouse can be received tax free whereas the superannuation benefit which passes to a financially independent adult child will have tax implications. In reviewing your superannuation, you may be able to implement strategies which reduce tax implications if your only option was to leave your entitlement to an adult child.

Here at U-First Financial Solutions, we understand asset ownership and the implications which would result in those assets if you were to pass. We identify strategies which may assist you with effective estate planning.

We can provide you with recommendations and we also have referral arrangements with accounting firms and legal firms with whom we work collectively to ensure you receive the best support and advice.

Yes, a power of attorney arrangement ensures that you have people in place whom you trust and can act in your best interest if you are unable or incapable of managing your own affairs. It is too late to consider establishing an enduring power of attorney once you are incapacitated.

The establishing of an enduring power of attorney, allows your nominee to immediately act in your best interest should the need arise. They can make either financial or medical decisions on your behalf.

If you become incapacitated without an enduring power of attorney arrangement, your financial and medical affairs may be dealt with by an appointed member through the Public Trustee Office (or office of adult guardian) this may not be in line with your family’s wishes.

Here at U-First Financial Solutions, we offer an estate planning facilitation service, whereby we work with you and educate you with regards to power of attorney arrangements, including enduring power of attorney and advanced health directives.

Though we do not complete power of attorney documents for you, we do have a referral arrangement with a law firm who specialise in estate planning. Through our estate planning facilitation service, we attend with you and support you through the entire estate planning process.