Will and Estate Planning: Online Assistant

The Wills, Estate Planning and Structuring team at Moores is one of the largest in Australia and includes 4 accredited specialists in Wills & Estates.  

We take a proactive, hands-on approach to helping you navigate a path to ensure the interests of your family are protected in what can sometimes be stressful and difficult times.

We can help you

Wills, Estate and family succession planning, including:

  • Preparation of Wills, life interests, protective trusts and special disability trusts, or standard Wills without trusts
  • Powers of attorneys
  • Binding financial agreements

Testamentary Trusts

  • Strategic Advice on use and operation of trusts, including tax and duty concessions
  • Wills with life interests, protective trusts and special disability trusts, or flexible testamentary trusts
  • Advice regarding the establishment and use of testamentary trusts post death
  • For more information on Testamentary trusts see FAQs below

Self-managed superannuation funds, including:

  • Establishment of funds, or variations to existing funds;
  • Succession of control of existing trusts
  • Advice in relation to superannuation binding nominations, pension documents and ownership of life insurance
  • Compliance advice

Structuring advice, including:

  • Asset protection advice relating to a relationship breakdown or potential bankruptcy
  • Tax and stamp duty advice
  • Special purpose trusts
  • Restructuring or establishing business and investment entities
  • Business Succession and Shareholder Agreements

We are equipped to handle all aspects of estate planning through to administering estates and conducting litigation where necessary.   Our expertise extends to Elder Financial abuse which is found out as part of the estate planning or deceased estate processes.

What you can expect

Specialising in complexity

Our unique expertise is sought after to help navigate complexity resulting from a range of factors including family business structures, SMSF, financial arrangements, complex families, family members with special needs, tax, etc.

We look for a better way to achieve your objectives, including where tax and duty concessions apply or structures can offer asset protection and other benefits.

A proactive approach to protecting your interests.

Our expertise extends to all aspects of dealing with family wealth from proactively planning and protecting estates through to death and post death estate administration and disputes.  Because we know what can go wrong in the end, we know how to protect your interests at the start.

Bespoke proposal with no surprises pricing

Because each client is unique, we invest time up front understanding your personal situation and what you would like to achieve.  We provide you with a personalised proposal and a fixed fee cost.  You will know the cost before we start work.  It is important to us that you feel free to provide information and ask questions without worrying about being charged for every phone call, email or meeting.  See Moores Agreed Pricing

Teaming up with your Advisors. 

We deliver a holistic approach to your estate planning needs, working closely with your accountants and financial advisors to ensure that the solutions we provide not only meet your estate planning requirements but your current taxation and asset protection needs.

Awards and Accreditation

Start your Will and Estate Planning online

 

Moores’ online Estate Planning assistant is a confidential tool that allows you to get started online, in your own time and space. It will ask you a series of questions, and provide valuable feedback.

Start online here

Testamentary Trusts - FAQ

What is a testamentary trust?

Trusts are created for a number of reasons for example, to provide on-going support for a beneficiary under your Will, to provide tax effective estate planning or to benefit a charity. A testamentary trust is a trust established under a Will.

When does the trust come into existence?

Not until after the death of the Willmaker.

When does the executor and beneficiary decide about using the trust?

After the date of death of the Willmaker, and before any assets are transferred out of the estate.

How much does it cost to operate the trust?

A flexible testamentary trust operates much like a family trust so there will be similar accounting costs involved. These costs are deferred until the trust operates after death.

How do I quantify the potential tax savings?

For a broad calculator to estimate the possible income tax concessions, please contact us. For the savings on stamp duty or capital gains tax, you will need specific advice.

What factors will be relevant to determining whether a trust should be used?

Trusts can provide particular benefits for:

  • people in at risk professions;
  • beneficiaries who are vulnerable;
  • people who want to set aside assets for their children or other descendants;
  • guarding against risks of remarriage by surviving spouse;
  • non-resident beneficiaries; and
  • people who want to set aside part of their inheritance for charitable purposes.
What changes can be made to the terms of the trust?

The terms of the Will needs to be checked. A Moores will has quite broad discretion about the terms of the trust that can be changed, but you cannot expand the class of beneficiaries.

Are there other tax and duty considerations?

Yes. They can include:

  • loss of main residence exemptions for capital gains tax and land tax – specific types of trusts are required for these to continue;
  • tax on super death benefits paid into the wrong type of trust;
  • assets acquired after the date of death within the trust may not qualify for the capital gains tax or duty concessions; and
  • if the trust has to make a family trust election, this could have other tax implications and may be significant in the case of a second marriage.

Under the current position of the Tax Office, there is capital gains tax rollover from the deceased to the executor to a testamentary trust and to a beneficiary of a testamentary trust.

Each State has different stamp duty laws.  Most States have an exemption for assets passing under the terms of a will.  The Victorian State Revenue office has confirmed in recent times that they accept the duty concession exists for transfers to testamentary trustees.  In respect of later transfers out of the trust, then the position differs from State to State.  There is an exemption from trustee to beneficiary in Victoria (subject to certain conditions).

Do all the assets have to go into the trust?

Not under a Moores will.

Can I put other assets apart from the inheritance into a testamentary trust?

Yes, but it is usually not a good idea.
The risk is that the assets that qualify for the income tax concession (ie – those from the estate) will intermingle with the other assets and this might make it harder to claim the income tax concession.

Where do I get more advice?

The decision about the use and terms of a testamentary trust involves a consideration of your financial needs and legal advice. You should consider seeking advice from a licenced financial advisor, accountant and lawyer who are appropriately qualified to consider these aspects of your particular circumstances.

Advisor Resources

Trusts
  • Family Trust Deed Review - Income Capital Streaming and Control Provisions

    Download
  • Incorporation of Trustee Company

    Download
  • Special Disability Deed Trust

    Download
Superannuation
  • Self Managed Superannuation Fund - Establishment

    Download
  • Self Managed Superannuation Fund - Admission of New Member

    Download
  • Self Managed Superannuation Fund - Change of Trustee

    Download
  • Self Managed Superannuation Fund - Variation

    Download
  • Limited Recourse Borrowing Arrangement

    Download

Contact Us

Need assistance with your estate planning?  Please don’t hesitate to contact us to discuss.

Contact Us