You have worked hard for what you have and protecting your assets now, whilst ensuring they are managed after you are gone is a very practical step. Turner Hopkins can assist you in how to plan, manage and protect your assets both during your lifetime and on your untimely passing.
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Protect the now, plan for the future.
Trusts and Asset Protection
A trust is a legal relationship where a person transfers the legal ownership of an asset to another party for the benefit of a third party. There are several reasons for establishing a Trust such as succession planning, relationship property protection, creditor protection, tax advantages, providing for family members with special needs and eligibility for residential care subsidy. However, Trusts are not for everyone, we can assist you with figuring out if it is right for you and how to set one up. Learn More…
Wills
A Will is a legal document that is specific to you and directs others on how you would like your assets, personal possessions and estate distributed when you die. Every person over the age of 18 should consider preparing a Will and it should be updated and renewed every five years or when a significant life event happens. A Will is an important document to have and having a well drafted and thought-out Will will not only give you peace of mind that your estate will be distributed how you wish but can also alleviate stress on your family during a difficult time. We can assist you in preparing your Will and making sure it is valid. Learn More…
Estate Administration
Estate Administration is the process of carrying out a person’s wishes as set out in their Will, obtaining probate (the legal authority to act on behalf of the deceased’s estate), getting in the assets, paying off any debts and distributing the assets as efficiently as possible. If a person does not have a Will, then Letters of Administration may be required in order to have the legal authority to deal with a deceased person’s affairs. Our estates team can advise you on your responsibilities and legal liabilities as an Executor and help with administration of an estate following death. Learn More…
Enduring Power of Attorney (EPA)
An EPA is a legal document where you (the ‘Donor’) appoints a trusted person (the ‘Attorney’) to act on your behalf in certain situations. We understand that setting up an EPA can be a daunting task and we can help you understand all your options, what both types of EPA documents mean and that it meets all legal requirements to be legally binding. We can help reduce the risk of the Attorney misusing their powers and not acting in your best interest. Learn More…
Retirement Villages
Over the last 10 years retirement villages have become an increasingly popular option for people looking for a change in lifestyle in their retirement years. Retirement villages are an attractive option because they can offer a good balance between living independently and having access to support and healthcare. Many elderly people view moving into a retirement village unit as a safe, secure and convenient way of life. However, the financial and opportunity costs involved in entering into a retirement village need to be carefully considered. We can help you with the process of moving into a retirement village and make sure you consider all your options before signing up to a licence to occupy. Learn More…
Or call +64-9-486-2169
Your Estate, Trusts and Wills specialists
John Stirling
Partner
Phil Shannon
Partner
Samuel Ames
Partner
Kate Chivers
Partner
Frequently asked questions
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A Trust is quite a simple concept. Basically, you transfer ownership of your assets to another party. You want to do this by passing the assets onto someone else while ensuring you retain control over them. So a family trust allows the ownership of your valuable assets to be in someone else's name while you still have access to them.
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Family trusts have been around since Roman times. While there are endless reasons why people need to have a Trust, here are a few reasons that provide some benefits:
Taxation
Income tax
Use of another entity
Asset Protection
Bargaining with Creditors
Protection for Professional People
Relationship Property Protection
Confidentiality
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A Will that has been carefully thought out may prevent potential family disagreements and reduce the risk of claims being made against your estate and ultimately your wishes.
A well drafted Will provides for:
The Distribution of your Assets – including real property (i.e. land), personal chattels (e.g. jewelry, heirlooms etc.) and other assets (e.g. superannuation funds, shares etc.).
Guardians – appointment of guardians for children under 18 years old.
Special Gifts or Legacies – you wish to go to other beneficiaries e.g. a favourite charity.
Funeral Requirements – clear instructions about your wishes for 'Do not resuscitate' and in what circumstances, your funeral instructions and any organ donation.
Liabilities – such as mortgages and debts owing to family and friends.
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This document expresses your wishes in regard to medical care, medication and resuscitation for when you are unable to communicate your wishes. It is written in advance and important for the terminally ill to have in place. If you are unlikely to recover, it will generally allow for pain relief but nothing more to prolong your life.
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You should review your Will every five years or in the event of a major change in your personal and family circumstances.
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An Enduring Power of Attorney ('EPA') is a legal arrangement where one person ('the donor') authorises another person ('the attorney') to act on their behalf. An EPA can, depending on the donor's wishes, either grant the attorney wide general rights or rights limited by conditions and restrictions imposed by the donor.
