Author(s): Noel Whittaker

Business

Stay in control of your assets. Prevent the kids from fighting. Avoid massive legal fees. Create a smooth, delay-free process. Win the war with the Tax Office.

The catalyst for writing a book about estate planning was a bulletin from Finder claiming that 12 million Australians did not have a will and 60% have never given a thought to estate planning. That’s a serious situation – and a signal that many people are unaware of the complexities that can arise if proper estate planning is not put in place.

Here are just a few of the issues you will learn about as you read this book. 

• What 80% of people fail to do after they’ve made their will. The consequences may be horrendous.


• The difference between a superannuation member benefit and a superannuation death benefit. Not understanding this could cost hundreds of thousands of dollars in unnecessary tax.


• A common misunderstanding about enduring powers of attorney.


• Which assets fall outside the will and cannot be bequeathed in terms of the will.


• The major mistake made by many pensioner couples when they are making their will. Getting it wrong can cost the survivor their entire pension.


• How to handle the complexities that occur when you are left a property situated overseas.


• Strategies to prevent family squabbles.


• What do you need to know if you wish to contest a will.


• Why you need to be wary about accepting the role of an executor.


• The best kind of assets to leave to beneficiaries who are overseas residents. The tax treatment is complex.


• The main reason most wills are challenged, what to do to try to prevent this.


• How to use testamentary trusts to prevent your beneficiaries from losing control of the money. This could happen because they are not able to handle money,  are in a difficult relationship, or are running their own business.


• The investment product that sits outside the will and is safe from challenge.


• The importance of using up capital losses before death.


• Whether you should have a nomination as part your superannuation fund, and whether it should be binding or non-binding.