Letter of Wishes Workbook

We're thrilled to announce the arrival of our new Letter of Wishes Workbook – the ultimate tool for articulating your estate planning wishes.

If you were to pass away, have you expressed how you would like your children raised? What types of things do you want their inheritance used for? Have you written a letter of love to your family outlining your favourite memories together, important life lessons, family traditions?

Our new Letter of Wishes Workbook is the ultimate tool for articulating your estate planning wishes.

Inside, you'll find guided prompts to communicate with clarity your wishes to your executors, beneficiaries, and advisers. From guiding principles for your funeral, children's upbringing, inheritance management, our workbook ensures your wishes are known. Plus, there's space for those heartfelt messages to your nearest and dearest, ensuring your legacy lives on.

We will now be offering all our new clients a complimentary copy of our Letter of Wishes Workbook.

What happens when a sole director and shareholder dies or becomes incapacitated?

A successful business may come to a sudden standstill if the sole director and shareholder dies or becomes incapacitated. The company may be unable to operate bank accounts, pay employees or take steps to sell the business; leading to delays, unnecessary costs and pain for loved ones.

All sole director companies should consider implementing a Corporate Power of Attorney to avoid difficulties that can face a company in the event of the death or incapacity of a sole director.

A Corporate Power of Attorney allows a nominated attorney (or attorneys) to stand in the director’s shoes when the director is unable to act and make decisions for the company ensuring continuance of the company’s affairs.

It is important to recognise; a personal Power of Attorney or Will is no substitute for a Corporate Power of Attorney. Even if you have a personal Power of Attorney this will not permit your attorney to sign documents on your behalf as a director.

A Corporate Power of Attorney should be considered as part of any effective Estate Plan to ensure that you decide to whom your assets are transferred to or controlled by in the event of death or incapacity.

If you have any questions about implementing a Corporate Power of Attorney or Estate Plan, please do not hesitate to contact Generation Legal.

Corporate Power of Attorney.png

Hello and Welcome Hayley!

| WELCOME | We are thrilled to welcome Hayley as our new Legal Assistant. With over 15 years experience working in the Legal Industry Hayley has a keen eye for detail. She enjoys assisting clients and ensuring they are kept informed every step of the way. We value these talents which are at the core of the service we provide. We are excited to have Hayley join the Generation Legal team.

Welome Hayley.png

6 Reasons you need an Estate Plan

Estate Planning is important. It involves planning what will happen to your assets in the event of your death or if you were to become sick or injured and cannot make decisions for yourself.

1. A Will on its own does not provide adequate protection

You have a Will - Great! However, a Will on its own generally does not cover non-estate assets like superannuation, companies and trusts. Many people have superannuation, and together with any life insurance component, many people (including young adults) will have a large superannuation payout on death. Make sure all assets are protected with an Estate Plan which takes into account superannuation and other non-estate assets like companies and trusts.

2. Reduce Tax

If you structure your affairs correctly, you could save your beneficiaries from paying thousands of dollars in unnecessary tax. Estate Planning will ensure assets, like the family home and superannuation, are gifted to beneficiaries in a tax effective manner.

3. Avoid leaving a mess

Incomplete Estate Planning may leave your loved ones dealing with an almighty mess if something were to happen to you. Many people only consider Estate Planning once a close family member or friend has had a bad experience with a messy estate. Implementing an Estate Plan now, while you are still fit and healthy, will avoid leaving a costly mess.

4. Save costs and avoid delays

A well thought out Estate Plan may save your beneficiaries thousands and ensure that beneficiaries get their inheritance as soon as possible without delay. Avoid unnecessary legal costs and lengthily delays with an Estate Plan that allows beneficiaries to finalise your estate as soon as possible.

5. Protect assets from claims

Reduce the risk that someone may make a claim upon your estate in the event of your death. Ensure that beneficiaries whom you want to benefit from your estate can take their inheritance and minimise the risk of a Will dispute.

6. Protect yourself in the event you cannot make decisions on your own

Dementia is the single greatest cause of mental incapacity in Australians aged over 65 years. Current statistics are alarming with 1 in 10 people over 65 years being diagnosed with dementia, and 3 in 10 people over 85 years being affected by the disease. A Will does not allow executors to make decisions in the event of incapacity. An Estate Plan will include documentation to authorise your nominated person/s to take control and make decisions should you become incapacitated.

At Generation Legal we specialise in Estate Planning. We can assist you structure your Estate Plan in a way that provides protection and peace of mind. Contact us on (02) 8518 6000.

True or False? If you die without a Will the Government takes your assets from your family

In NSW if you die without a Will, the Government will not automatically take your assets from your family. Legislation will decide which of your family members take your assets and in what proportions if you die without a Will. In what proportions? Well it depends on your family circumstances.

If you have no family – then there is a possibility that the Government may take your assets if you die without a Will.

Whatever your circumstances, take control and decide who will get your assets upon your death and have a Will professionally drafted.

Do I need a Will?

Yes, absolutely - If you are over the age of 18 years, yes you need a Will.

A correctly drafted and valid Will ensures that your wishes are carried out in the event of your death. If you die without a Will, legislation dictates who will control your estate which may not be what you want, or in some cases may be completely inappropriate for your circumstances.

There are many different types of Wills, so it is important to have a professional lawyer with experience in Estate Planning draft your Will so that it meets your needs and objectives. An ineffective Will may give assets to those you did not want to benefit, may create substantial and unnecessary tax bills and may create a Will dispute upon your death.

A Will can allow you to choose who will manage your estate and how, who will inherit your assets and who will care for your minor children.

Don’t have a Will? Passing away without a valid Will can create difficulty and costly delays for your loved ones left behind.

There are many benefits of having a correctly drafted and valid Will including:

  • Choose who you want to inherit your assets
  • Choose who you want to care for minor children
  • Minimise tax payable
  • Avoid difficulty and costly delays
  • Make sure your wishes are carried out
  • Avoid Will or estate disputes

At Generation Legal we can help you create a valid and effective Will. Contact us today.

Liability limited by a scheme approved under Professional Standards Legislation.