When we leave something behind, and it is not assigned to the beneficiary straightaway, it may become a part of the Trust. A Trust is created by the formation of a deed, known as a Trust Deed, where all the related information is captured. Once the Trust Deed is formed, it must be governed as per the information provided in the deed.

In a nutshell, every Trust has a few important people performing different roles. There is the Trustee, whose job is to manage the Trust for the benefits of others, who are known as Beneficiaries. Then there are the Beneficiaries, whom are the recipients of the assets, items or funds in the Trust.

There are different types of Trusts such as Family Trust, Unit Trust, a Trust to manage your super (SMSF). However, the Trust formed out of your will is called a Testamentary Trust, which only comes to life post your death. It is different from all other types of Trusts and has certain inherent advantages.

A Testamentary Trust has numerous benefits such as tax benefits for minor children and providing asset protection for your spouse or family. It is the only structure than can provide the tax benefits that it does.

However, this may not be a one-size-fits-all kind of advice. A Trust arrangement may not be beneficial for all, as it may become a costly affair especially when the assets held by the estate are relatively less.

Please contact a one of our team members at Sharma Solicitors and Conveyancers who will have a very careful assessment of your profile and will provide you with the most customized and detailed advice.

Superannuation is not automatically included in your Will. Your Super Fund operates under a Trust Deed, and your funds are distributed according to the Agreement and your nominations. The Superannuation company is the Trustee of your Super monies. They are bound by the Trust Agreement, as to whom the funds can be paid to.

It’s important to check your nominations, and what type of nomination you have, such as, if it is binding on the Super Fund, or non-binding.

If you desire, your Superannuation monies can be paid into your Estate, and distributed according to your Will. However, you will need to discuss this with your Solicitor if this can be done, depending on the type of Superfund you have. There may also be tax implications with this, in which you will need Accountant advice.

Please contact a one of our team members at Sharma Solicitors and Conveyancers who will have a very careful assessment of your profile and will provide you with the most customized and detailed advice.

Power of Attorney can cover medical, financial and personal matters. For personal and financial matters, the document is called Enduring Power of Attorney. For medical matters, this is called Appointment of Medical Decision Maker.

It is a common misconception that people think they have automatic access to bank accounts or can make medical decisions because they are a spouse or close family member, in the event a spouse or family member loses capacity. This is not always the case.  

It is also a misconception that Power of Attorney documents are only for when you become elderly. This is also not the case. They are very relevant for young people and young couples.

If a person loses capacity, and medical decisions need to be made, and there is no Power of Attorney, the Hospital or Healthcare Practitioner will nominate someone to make those decisions. This could be a spouse, or it could be another family member.

Having a Power of Attorney gives you choice. It means you can decide who will make decisions for you, and any wishes you have in relation to those decisions.

Once a person loses capacity, it is too late to get Power of Attorney, as a person must have the mental capacity to sign for Power of Attorney and understand its contents. If this happens, you will need to go through VCAT, and apply for an Administration Order (for financial matters) or Guardianship Order (for personal matters).

If a Medical Treatment Decision Maker has not been appointed, and the person has already lost capacity then the Medical Treatment Planning and Decisions Act outlines who would make the decisions.

Power of Attorney documents remain active until the person has passed away, or you wish to change it. That’s why there is no better time, then now, to ensure you have your Power of Attorney documents arranged.

Please contact a one of our team members at Sharma Solicitors and Conveyancers who will have a very careful assessment of your situation and will provide you with the most customized and detailed advice.

It can be overwhelming thinking about your Will, and what you should or should not include. At Sharma Solicitors and Conveyancers, we want to make the process as comfortable as possible for you, and provide the advice you need, so you can make the decisions that are right for you.

Your Will can include funeral requests, burial requests, any gifts you wish to give to family members, property you own in your name, requests regarding your pets and any donations to charities.

Your Will is an opportunity to make your final wishes and outline how you want your property and funds distributed. It can be something that your family will remember you by, and provide clarity and closure to your family, just as what you would have wanted.

It’s important to keep in mind that a Will becomes a public document, and sensitive information, such as passwords or codes, should not be included. Sensitive information should be included in a separate document, which you can provide to close family, and explains how you wish certain items or assets to be dealt with (such as social media or online accounts).

Please contact a one of our team members at Sharma Solicitors and Conveyancers who will have a very careful assessment of your profile and will provide you with the most customized and detailed advice.

As lawyers, we are bound by lawyer-client confidentiality. Whilst couples and family can attend the law firm together, we must interview and take instructions from each person individually. Each person is an individual client, which means we have to do separate file notes for each person, even if they are spouses getting identical Will’s.

Anything discussed with a client, and the instructions taken, are confidential and cannot be disclosed (unless obliged to do so by law), including spouses.

At Sharma Solicitors and Conveyancers, we will meet couples or family members together for the initial introduction, then the interview process and taking of instructions will be separate.

To get started, please fill in a small form, and we will be in touch with you to arrange a suitable time for your personal visit to our office.

Whilst we have some financial knowledge relating to Estate planning, Sharma Solicitors and Conveyancers do not provide accountant or financial advice.

We highly recommend you consult an Accountant or financial advisor, in the event you have questions around taxes or other financial matters, relating to your Estate.

If you have further questions, please contact one of our team members at Sharma Solicitors and Conveyancers.

1. Certainty – Without a Will, you leave your family confused, as to what you would have wanted. It is difficult for families to experience the loss of loved one, only to add additional stress and confusion with the Probate process. A good planned will can allow your family to be not left in a dark.
2. Wasted Time – Before proceedings can commence in relation to your Estate, it must be proven that you do not have a valid Will. Family members must search your documents and property, and contact any relevant professionals, to prove you do not have a Will. It is also additional time spent to decipher what your wishes are, and who you would have given your assets to. 
3. Disputes – There is more likely to be family disputes or claims, in the event you do not have a Will, or you have a poorly drafted one;
4. Government Claims – The government can make a claim, if no valid family members come forward to claim your Estate, in the event you don’t have a Will. Your Estate is dealt with according to the Intestacy Rules, in which the State Laws determine where you Estate goes.
5. Additional Cost – If you don’t have a Will, there will be additional Court costs and Legal and Accountancy costs. Much of this could be saved for your family if a proper Will is in place.

If you have further questions, please contact one of our team members at Sharma Solicitors and Conveyancers.