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Wills and Powers of Attorneys

Making a Will...all Wills are not the same.

Having a simple Will is sometimes appropriate but more often than not a simple Will does not provide the best financial outcome for a person’s family and sometimes can cost them thousands, if not tens of thousands of dollars in tax, which would not otherwise be payable.

For example: assume John dies leaving behind his wife Mary and three infant children. Mary invests $300,000 inherited from John’s estate and receives $18,000 extra income each year. Mary already earns income from her job and ends up paying $8,370 tax on the extra income, leaving only $9,630 to spend on the family.

Another example: assume that Peter dies leaving behind his wife Sue and three infant children. Sue invests the $300,000 inherited from Peter’s estate and receives $18,000 extra income each year. Sue already earns income from her job but ends up paying no tax on the extra income leaving $18,000 to spend on the family. This is $8,370 more than Mary, not just in one year, but Sue will make this saving year after year.

Why is Sue $8,370 a year better off? The answer…a Will prepared with the benefit of specialist advice from a lawyer who knows and understands the details of good estate planning.

Our advice can help ensure that you have done everything you can to make sure your family benefits in the best possible way from your estate when you die. A properly considered and written Will is one of the most important things you can do for your family.

Powers of Attorney

It is also important to have an Enduring Power of Attorney. A Will operates on your death but an Enduring Power of Attorney operates during your life, where you or your partner are injured or become too ill to make financial and health decisions for yourself or your children.

By signing a Power of Attorney you may grant someone (your attorney) the legal power for that person to sign or to take some action on your behalf.

For further information download our Wills and Powers of Attorney...Client Guide.

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