Toolbox
When you come to making a PLAN if you can tell me your
objectives and explain your family circumstances and property
ownership, I can select from the "tool box" the tools we can use to
achieve those objectives and plan accordingly. Broadly
speaking the toolbox begins with -
Legislation and rules:
- property ownership rules;
- superannuation laws/rules;
- insurance laws/rules;
- probate, administration and succession laws/rules;
- guardianship and administration laws;
- inheritance legislation;
- trustees legislation;
- taxation laws;
Documents that you may have:
- Will;
- enduring power of attorney;
- enduring power of guardianship;
- advanced healthcare directive;
- nominations;
- binding death benefit nominations
- Informal directives;
- family agreements;
- statement of wishes
related entities
- trusts;
- companies;
- joint ventures;
- partnerships;
You need to be aware that the legislative framework is a mixture
of state and federal laws. For instance the making of a Will
is governed by legislation in each particular state or territory as
they are legal jurisdictions in their own right. The province
of some areas are federal; so superannuation and income tax for
instance is a uniform across Australia as it is part of a federal
legislative regime. Whilst the differing states and
territories of Australia have similar approach is to most matters,
it is important to appreciate the differences. One of the
issues involved in making an appropriate PLAN is to identify when
jurisdictional issues may come into play.