ESTATE PLANNING WORKBOOK
ESTATE PLANNING WORKBOOK
OWEN HODGE LAWYERS 1800 770 780 www.owenhodge.com.au
LEAVE YOUR BENEFICIARIES A LEGACY, NOT A STRUGGLE. Estate planning lets you decide your future, and that of your loved ones right now, before you don’t have the
inadequate estate planning. Estate planning is more than a Will, it’s a comprehensive assessment of where you are today and to whom you’d
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WELCOME TO ESTATE PLANNING
Assets that are not protected by an estate plan run the risk of being absorbed by the commercial world. Families of the deceased have be torn apart when the division of assets are unclear, and there is not a plan in place to guarantee a
Preserving your assets
Is a Will necessary?
Can my Will be challenged?
deceased’s children received. the scope for dispute about its terms are reduced.
The Business of Assets The greatest opportunity for dispute is often found in the division of business assets such as shares in a company or a partnership. A business succession strategy, providing for management and ownership of the company, partnership or trust, is normally an indispensable element of an estate plan. Your biggest assets –
tailored to your needs.
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We will work closely with you. To project manage an estate plan
planning process?
Explain & Educate As facilitators we invest
Facilitate Accumulate Our unique audit process allows us to obtain the
understand the key issues before moving forward.
Implement
& Clarify Using this estateplanning workbook we will quickly
We instruct the lawyers necessary documents and
needs to be done and report back to you.
As facilitators we will coordinate the
Explain & Educate Once our plan is in your understanding and make sure it meets your
where the will is presented
THE PROCESS: 1.
etc. List what is of value to you and what needs to be protected.
2. 3.
required to begin you estate planning.
4. 5. 6. 7. 8.
It is important that you contact these people and advise them of their appointments. You should also
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THE OPTIONS CORE ESTATE PACKAGE Single/Individual The core estate planning package is suitable for an individual who wants to pass their estate directly to their
What your package includes:
• Free secure storage for the signed Will for as long as you require.
The core estate planning package is suitable for couples who want to pass their estate directly to their intended
What your package includes:
• Free secure storage for the signed Wills for as long as you require.
If either of you or your lineal descendants are living
If neither of you or your linear descendants are living
Your residuary estate The survivor of you or if neither of you is living, your children or if a child fails to survive you, their share passes to their children
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SINGLE TRUST ESTATE PLANNING PACKAGE Single/Individual The single trust estate planning package is suitable for individuals who want to establish a single testamentary trust
What your package includes:
• Free secure storage for the signed Will as long as you require.
If any of your lineal living descendants are living
If neither you or any of your lineal descendants are living
Your parents or, if neither parent survives you, equally among your siblings.
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The single trust estate planning package is suitable for couples who want to establish a single testamentary trust
What your package includes:
Wills for as long as you require.
If either you or any of your lineal descendants are living
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If neither of you, nor any of your lineal descendants are living
OWEN HODGE LAWYERS - WORKBOOK
SINGLE TRUST ESTATE PLANNING PACKAGE Single/Individual The single trust estate planning package is suitable for individuals who want to establish a single testamentary trust
What your package includes:
• Free secure storage for the signed Will as long as you require.
50%
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50%
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If neither of your lineal descendants are living
MULTIPLE TRUSTS ESTATE PLANNING PACKAGE Single/Individual
What your package includes:
50%
50%
If neither of your lineal descendants are living ‘Calamity’ provision spouse’s siblings and 50% divided between the second spouse’s parents or if neither parent survives you, equally among the second spouses siblings.
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GLOSSARY
Business Will An agreement between the owners of a business to safeguard its future in the event of death or permanent disability. The owners can choose to obtain insurance to fund the transfer of ownership, to ensure the family
Children
Same meaning as “children”.
Principal loses capacity.
Estate The assets of a deceased person, including both real and personal property.
Executor
• Determine whether the deceased had any interest in businesses and appoint management to those businesses.
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Guardian In the event that both parents pass away, a guardian will assume full responsibility for the welfare and upbringing of their children.
personal document and can deal with a range of issues including:
into account
Probate
1. Solemn form is given where there is debate and possible legal proceedings arising around the validity of the Will. 2. Common form applies where the Will’s validity is not in dispute.
Tenants in Common If you buy a property as a tenants in common, then make sure that you have in place a Will to deal with your share
property share to go to the other owners.
Joint Tenants Joint Tenancy is favoured by married and defacto couples as it deals with property owned in equal shares. If one of property to another party.
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Example
• She had deliberately ensured that most of her assets were went bad, their home and saving would be protected. • Unfortunately, when Vivian’s parents died, she received the family beach house directly into her name.
Brian
Jenny
• Though the business was doing well, its future success was not guaranteed. transferred it to a trust – and paid $280,000 stamp duty.
had included a TDT in their wills.
Assets A
B Testamentary trust Executorship period
Debts
Let’s assume that someone dies at point A
point B and point C, depending on the terms of the will. Point C can generally be up to 80 years from point A. • A Will can establish more that one TDT
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Who controls the assets?
from the TDT and when they should receive it. a parent can establish TDT for each child’s inheritance. Each adult child can be the trustee of a their own trust, and
Why are they used? TDT can be used for a variety of purposes, including:
Many parents are concerned that the inheritance they leave to their children could end up in the hands of a former son-in-law or daughter-in-law if their child’s marriage breaks down.
However, if a child’s inheritance is distributed to a lineal descendant TDT under a Will, those assets can be kept divorced. Bob’s wife Sally does not see any part of that $1 million, as it’s protected by law as Bob’s.
Example
• However, because of the terms of the lineal descendant TDT that held those funds, they were not able for
but no part of Jacks inheritance.
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Conclusion costly.
of evolving family dynamics in the future.
Trustee
Witness must be at least 18 years old and must be of sound mind. Furthermore, the witness must not be one of which
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OWEN HODGE LAWYERS - WORKBOOK
ESTATE PLANNING QUESTIONNAIRE 1. PERSONAL Surname: Maiden Name/Alias: Marital Status: Single Date of Marriage:
Engaged
/
/
Married
De-Facto
Separated
/
Date of Birth:
Divorced
Widowed
/
Place of Birth: Driver’s Licence No.:
Postcode: Postal Address: Postcode: Telephone: Email: Domicile:
Surname: Given Names: Maiden Name/Alias: Marital Status: Single Date of Marriage:
Engaged
/
/
Married
De-Facto
Date of Birth:
Separated
/
Divorced
Widowed
/
Place of Birth: Driver’s Licence No.:
Postcode: Postal Address: Postcode: Telephone: Email: Domicile:
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2. YOUR FAMILY Child 1 Surname: Given Names: Maiden Name/Alias: Marital Status: Single Date of Birth:
Engaged
/
/
Married
De-Facto
Separated
Divorced
Widowed
No. of children of this child:
Postcode: Child 2 Surname: Given Names: Maiden Name/Alias: Marital Status: Single Date of Birth:
Engaged
/
/
Married
De-Facto
Separated
Divorced
Widowed
No. of children of this child:
Postcode: Child 3 Surname: Given Names: Maiden Name/Alias: Marital Status: Single Date of Birth:
Engaged
/
/
Married
De-Facto
Separated
Divorced
Widowed
No. of children of this child:
Postcode: Child 4 Surname: Given Names: Maiden Name/Alias: Marital Status: Single Date of Birth:
Engaged
/
/
Married
De-Facto
Separated
Divorced
Widowed
No. of children of this child:
Postcode:
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Child 1 Surname: Given Names: Maiden Name/Alias: Marital Status: Single Date of Birth:
Engaged
/
/
Married
De-Facto
Separated
Divorced
Widowed
No. of children of this child:
Postcode: Child 2 Surname: Given Names: Maiden Name/Alias: Marital Status: Single Date of Birth:
Engaged
/
/
Married
De-Facto
Separated
Divorced
Widowed
No. of children of this child:
Postcode: Child 3 Surname: Given Names: Maiden Name/Alias: Marital Status: Single Date of Birth:
Engaged
/
/
Married
De-Facto
Separated
Divorced
Widowed
No. of children of this child:
Postcode: Child 4 Surname: Given Names: Maiden Name/Alias: Marital Status: Single Date of Birth:
Engaged
/
/
Married
De-Facto
Separated
Divorced
Widowed
No. of children of this child:
Postcode:
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Child 1 Surname: Given Names: Maiden Name/Alias: Marital Status: Single Date of Birth:
Engaged
/
/
Married
De-Facto
Separated
Divorced
Widowed
No. of children of this child:
Postcode: Child 2 Surname: Given Names: Maiden Name/Alias: Marital Status: Single Date of Birth:
Engaged
/
/
Married
De-Facto
Separated
Divorced
Widowed
No. of children of this child:
Postcode: Child 3 Surname: Given Names: Maiden Name/Alias: Marital Status: Single Date of Birth:
Engaged
/
/
Married
De-Facto
Separated
Divorced
Widowed
No. of children of this child:
Postcode: Child 4 Surname: Given Names: Maiden Name/Alias: Marital Status: Single Date of Birth:
Engaged
/
/
Married
De-Facto
Separated
Divorced
Widowed
No. of children of this child:
Postcode:
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No No No If YES, please provide us with a copy:
No No No If YES, please provide us with a copy:
3. YOUR INSTRUCTIONS
Surname: Given Names: Any Alias:
Postcode:
Surname: Given Names: Any Alias:
Postcode:
Surname: Given Names: Any Alias:
Postcode:
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lifestyle decisions which may need to be made if you lose the mental capacity to make the decisions yourself.
Surname: Given Names: Any Alias:
Postcode:
Surname: Given Names: Any Alias:
Postcode:
Surname: Given Names: Any Alias:
Postcode:
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Address
Amount
Address
Items
Note: Should there not be enough space to cover all items above, please furnish on a separate list.
Address
Free of the mortgage
Property Address and Title
Subject to the mortgage
Age:
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Appointment of executor is unable to act. Spouses, siblings, close friends or professionals are the general choice. Please provide full names
Surname: Given Names: Any Alias:
Postcode:
Surname: Given Names: Any Alias:
Postcode:
Given Names: Any Alias:
Postcode:
Given Names: Any Alias:
Postcode:
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Appointment of guardian The Appointment of a Guardian is a very important decision as the guardian will be responsible for the care of your Please think about who you might want to act in this role. If you choose a married couple select one party rather than both in the event there is a divorce. Full names and addresses are required.
Surname: Given Names: Any Alias:
Postcode:
Surname: Given Names: Any Alias:
Postcode:
Given Names: Any Alias:
Postcode:
Given Names: Any Alias:
Postcode:
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Appointment of trustees
control their own trusts when old enough. Please think about who you want to be trustees and provide their full names and addresses below. Testamentary Trusts work.
Surname: Given Names: Any Alias:
Postcode: Surname: Given Names: Any Alias:
Postcode: Surname: Given Names: Any Alias:
Postcode:
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Appointment of appointors as he/she has the power to remove the trustee and appoint another person. You will also need to consider who
Surname: Given Names: Any Alias:
Postcode: Surname: Given Names: Any Alias:
Postcode:
Given Names: Any Alias:
Postcode:
Given Names: Any Alias:
Postcode:
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Your funeral or burial arrangements Burial: Yes Prepaid Funeral: Yes If yes, supply details:
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4. YOUR ASSETS Main residence property address:
Joint Tenants: Yes
No
Tenants in Common: Yes
No
With Whom: Value of property: $
Value of mortgage: $
Title deeds held by:
Property Address:
Joint Tenants: Yes
No
Tenants in Common: Yes
No
With Whom: Value of property: $
Value of mortgage: $
Title deeds held by:
Property Address:
Joint Tenants: Yes
No
Tenants in Common: Yes
No
With Whom: Value of property: $
Value of mortgage: $
Title deeds held by:
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Fund: Policy Holder : Self Managed: Yes
Binding
Non Binding
Binding
Non Binding
No
Fund: Policy Holder : Self Managed: Yes
No
Policy No.:
Company
Life insured
Assured/Owner :
Please provide copies of life insurance schedules
Policy No.:
Company
Life insured
Assured/Owner :
Please provide copies of life insurance schedules
Furniture: Jewellery: Accrued wages/annual leave/long service leave:
Bank Accounts: Cash Management Funds: Public Listed Shares: Private Company Shares: Shares in Partnerships: Overseas Assets: Other Assets:
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Value $ $ $ $ $ $ $ $ $ $ $ $ $ $
Value $ $ $ $
Mortgage over real estate: Personal loans: Other:
Trust name: Trustee: Date of Trust Deed:
No No
Trust name: Trustee: Date of Trust Deed:
No No
Trust name: Trustee: Date of Trust Deed:
No No
Trust name: Trustee: Date of Trust Deed:
No No
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Company Name: Company ACN:
Company ABN:
Directors: Secretary: Shareholders: No
If Yes, specify name of Trust: No No
Company Name: Company ACN:
Company ABN:
Directors: Secretary: Shareholders: No
If Yes, specify name of Trust: No No
Company Name: Company ACN:
Company ABN:
Directors: Secretary: Shareholders: No
If Yes, specify name of Trust: No No
Company Name: Company ACN:
Company ABN:
Directors: Secretary: Shareholders: No
If Yes, specify name of Trust: No No
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OR
Note:
Dated:
Willmaker’s Signature
Signature of Witness
Signature of Witness
Print name of Witness in full
Print name of Witness in full
Address of Witness
Address of Witness
Please return the completed checklist to: Rolf Howard Owen Hodge Lawyers Level 3, 171 Clarence Street SYDNEY NSW 2000 rsh@owenhodge.com.au 02 9251 532
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