An overview on Estate Planning - an important part of your financial plan: - Passing your assets on - Preparing your Will - What happens when you don't have a Will - Selecting an Executor - Superannuation and life insurance - Minimising potential claims to your Will - Definition of Probate

1. Estate Planning
Ferdinando (Fred) Scali | 22 March 2016

2. What is Estate Planning?
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• Passing on assets in the most effective way
• An important part of your financial plan

3. Wills
• When an individual dies without a Will, they are said to have died ‘interstate’
• Intestacy rules will apply to determine how the Estate is to be distributed
• These rules may dictate distributions to beneficiaries that were not close to the
deceased at all
• The Court will appoint an administrator to administer the Estate
• Priority to administer the Estate will be to a surviving spouse (or domestic partner)
and then to the deceased next of kin
What if I don’t have a Will?
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4. Should I Make a Will?
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What is a Will?
• Testamentary Capacity
• A doctors Assessment?
• The technicalities of a Will
Yes, Absolutely!

5. • Identify your assets
• Make adequate provision for children and spouse
• Inadequate provision may lead to litigation
• Altering your Will
• Seek professional advice
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A Simple or a Complex Will?

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Who should be an Executor?
• A trusted person
• Executor manages and distributes the Estate
• Can the Executor be a beneficiary?
• Misplaced your Will?

7. • The process of administering an Estate
What do I leave in my Will?
• Real property, shares, cash
• Joint tenants or tenants in common
• Superannuation and Life Insurance?
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Probate – What does it mean?

8. • Can I leave my assets to who ever I want?
• Dependants
• Testamentary Trust
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Who can be beneficiaries?

9. • We form part of the Estate Planning Team
• We assist to ensure that our clients intentions are given effect
• We compile financial data that will be required in the Estate
Administration Process
• We deal with taxation issues after death
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What role can Hill Rogers play?

10. Can my Will be challenged?
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• Testor Family Maintenance Claim
• Make proper and adequate provision
• Costs of litigation could diminish Estate
value
Yes.

11. Who can make a claim?
• Spouses and former spouses
• De facto partners
• Children and Grandchildren
• A person who was at some time partly or wholly dependent on the
deceased
• People who had a close personal relationship with the deceased
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12. How can you minimise a potential claim?
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• Ensure the Will complies with all statutory formalities
• Ensure adequate provision is made in the Will
• Gift assets prior to death (noting the taxation implications)
• Accumulate assets in a Discretionary Trust
• The use of Life Estates or Trusts giving the rights to residence
• The use of a Testamentary Trust
• The use of Superannuation
Here are some strategies

13. • Do I have capacity to make a Will?
• What assets and liabilities do I have?
• Do I understand their ownership structure?
• Do I understand my financial structure?
• Who should receive my estate?
• Have I discussed my intentions with beneficiaries?
• Have I made adequate provisions for them?
• Who should be named as my Executor?
• When is the last time I reviewed my Will?
• Where is my Will stored?
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Issues for you to think about

14. About the speaker
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With over 40 year’s in professional practice, Fred advises clients in:
• Income tax
• Structuring for asset protection
• Succession planning
• Retirement planning
• Estate planning and management.
Fred is an Executor of numerous Estates and holds Directorships of many private companies.
His directorships have included International Chambers of Commerce and Not for Profit
organisations including the Skin & Cancer Foundation Australia and the Italian Opera
Foundation Australia where he is currently both a Board Member and Treasurer.
Fred Scali - Director, BBus, MBus (Tax Law), FCA, CTA
Services: Taxation, High
Net Worth Individuals and
Professionals
t: +61 2 9232 5111
d: +61 2 9220 0303
e: fred.scali@hillrogers.com.au
w: www.hillrogers.com.au

15. t +61 2 9232 5111 f +61 2 9233 7950
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