Implement a Debt Recycling Strategy......................................................................................21

 [Testamentary Trust] A Testamentary trust will allow you to nominate the distribution of assets and income from your Estate.  [Testamentary Trust] Testamentary trusts provide more protection of assets than if your beneficiaries were to receive them as individuals.  [Testamentary Trust] Income can be split to minimise tax to beneficiaries.

Points to Consider:

 [If Non-estate assets] Not all assets are included in your estate for distribution via your Will. Your non-estate assets include <tailor for client: superannuation / account-based pension / life insurance policies / jointly owned assets / assets owned through a trust or company / other>.  [Child guardianship] You will need to include guardianship as part of the Will.  A poorly constructed Will can be contested post-death or ruled as invalid and disregarded.  Significant changes to circumstances can affect the validity of your Will. Ensure that you keep your Will up to date.  Dependents needs to be adequately provided for in your Will.  You need to keep your super / pension / life insurance nominations up to date so that they reflect your wishes.  [PoAs] You will need to engage your nominated PoAs as part of the process in reviewing your PoAs.  [Testamentary Trust] There will be costs associated with establishing a Testamentary trust. Please review these in light of the benefits before proceeding.  [Testamentary Trust] Your circumstances may change and impact the effectiveness of the Trust. Please ensure that you review your Estate Plan regularly to reflect your current financial position and desired beneficiaries.  [Testamentary Trust] Where beneficiaries have a controlling interest in the Trust, all income and assets of the Trust will be assessable for Centrelink means testing. This could result in a reduction of the beneficiaries Centrelink benefits (if they receive benefits).  [Testamentary Trust] Where beneficiaries do not have a controlling interest in the Trust, income they receive will be assessable for Centrelink purposes and may reduce their Centrelink benefits (if they receive benefits).  [Super / Pension] Your super and pension benefits do not automatically form part of your Estate although you can nominate them to do so. It is important to make sure you have nominated beneficiaries for the Trustee of the Fund to take into consideration when paying your benefits.

35. Establish your Will/s

We recommend that you seek legal advice to establish your Will/s.

Benefits:

 Establishing a valid Will can assist in your assets being distributed according to your wishes upon death.  You can bequest specific assets to people / organisations.  [Child guardianship] You can nominate a guardian for your children.  You will avoid additional costs to your Estate that can be significant if you die without a Will.

Points to Consider:

 [Non-estate] Not all assets are included in your estate for distribution via your Will. Your non-estate assets include <tailor for client: superannuation / account-based pension / life insurance policies / jointly owned assets / assets owned through a trust or company / other>.  [Child guardianship] You will need to include guardianship as part of the Will.  A poorly constructed Will can be contested post-death or ruled as invalid and disregarded.  Significant changes to circumstances can affect the validity of your Will. Ensure that you keep your Will up to date.  Dependants needs to be adequately provided for in your Will.

36. Review your Will/s

We recommend that you seek legal advice to review your Will/s.