Andrew Simpson 
The Australian Guide to Wills and Estate Planning 
How to Plan, Protect and Distribute Your Estate

Where will your wealth go when you go? Get peace of mind for you and your family with current and valid estate planning.

The Australian Guide to Wills and Estate Planning helps you leave your wealth to your selected beneficiaries, avoid family disagreements and protect your financial legacy. This plain-English guide makes estate planning easy — providing exactly what you need to know to get started.

You have spent substantial amounts of time and energy creating your wealth. However, planning how your wealth is to be distributed after your death likely receives little attention. It is common for people to consider preparing a will only when a personal life event brings the topic to the fore – the death of a family member or close friend, a personal health issue or overseas travel. The emotional stress and time constraints associated with such circumstances are avoidable if you plan your estate today.

Wills and estates expert Andrew Simpson shares his extensive knowledge to help answer your questions and prepare for the future today. From planning your retirement, to writing a will, to distributing your assets, each aspect of estate planning is highlighted by informative case studies, practical examples and easy-to-read explanations.

This clear, jargon-free guide answers your estate planning questions and enables you to understand the fundamentals of the estate planning process. Designed specifically for readers with little to no experience with wills and estate planning, this book will help you:

* understand the vital aspects of the estate planning process

* know what to look for when choosing a professional estate planner

* minimise tax burdens for yourself and your family

* use trusts to safeguard your assets

* protect your will from legal challenges.

With the latest financial and tax guidelines, this is a must-have resource for anyone seeking to confidently pass on their wealth to future generations. The Australian Guide to Wills and Estate Planning is for anyone wishing an easy, stress-free way to sort their affairs and enjoy peace of mind.

Table of Content

About the author vii

Acknowledgements ix

Preface xi

Part I: Understanding estate planning 1

1 What is estate planning? 3

2 Estate assets 11

3 Intestacy 19

Part II: The will 27

4 Planning your will 29

5 Appointment of executors 39

6 Contents of the will 55

7 Updating, revoking and storing your will 75

8 Protecting your will from challenge 83

Part III: Trusts and estate planning 95

9 An introduction to trusts 97

10 Types of trusts 109

11 Testamentary trusts 123

12 Capital-protected and protective trusts 139

13 Proceeds trusts 157

Part IV: Taxation and superannuation 169

14 Taxation and death 171

15 Death and superannuation 183

Part V: Lifetime planning 203

16 Powers of attorney 205

17 Binding financial agreements 225

18 Business succession and estate planning 229

19 Life insurance 241

20 Planning ahead — arranging your funeral 247

Part VI: Estate planning and elder law 251

21 Centrelink and estate planning 253

22 Centrelink and the treatment of private trusts and companies 263

23 Reverse mortgages 275

24 Aged care 283

25 It’s up to you now 295

Glossary 297

Appendix: Step-by-step estate planning guide 303

Index 305

About the author

Andrew Simpson has been helping Australians put their affairs in order for over two decades. Andrew is a Principal Lawyer and the head of Wills and Estates at Maurice Blackburn Lawyers.