Appointing the Public Trustee

Posted on October 24, 2012 by Kenneth Ti

We often receive many enquiries about the advantages and disadvantages of appointing the public trustee as an executor and trustee in Wills. In this article we will explore briefly some of those advantages and disadvantages to help you make a decision when it comes time for you to make your Will.

In NSW, the public trustee is now called the NSW Trustee and Guardian – a merger between the Public Trustee NSW and the Office of the Protective Commissioner (1 July 2009).

The NSW Trustee and Guardian have four main roles, being:

Will Making
Estate Administration
Corporate and Individual Tasks
Powers of Attorney.

The NSW Trustee and Guardian can assist

you with drafting your Will for free so long as they are appointed the executor and trustee in your Will. As they have been around for a long time they are well experienced in drafting Wills. There are also benefits associated with them being your executor and trustee – as they are not related to you or your beneficiaries, they are more likely to be impartial and will follow your Will to the letter.

However, allowing the NSW Trustee and Guardian to draft your Will and appointing them as your executor and trustee does have its disadvantages. The primary disadvantage is that as they are your executor and trustee, they are entitled to be reimbursed for their costs in administrating your estate. Some of these costs will depend on the value of your estate, and are assessed at a percentage of the value of your estate. Naturally, some of these costs may be saved if you appoint a beneficiary or a person related to you as the executor or trustee of your estate.

Having an impartial organisation administrating your estate can also be disadvantage in some situations, as they may not understand your underlying intentions or your family situation when drafting your Will. It is in such situations that having a family member as your executor and trustee, a person who understands you and your particular way of thinking, will certainly be more beneficial than having the NSW Trustee and Guardian administrate your estate.

In summary, the advantages of having the NSW Trustee and Guardian appointed as your executor and trustee are:

Free Will drafting
Experience in managing estates
Independent and impartial

The disadvantages of having the NSW Trustee and Guardian appointed as your executor and trustee are:

Costs based on a percentage of your estate
Not likely to understand your particular family situation

When drafting your Will you should take all these matters into consideration. To find out more about Will drafting please give us a call or use the quick contact form located on this blog.

Want to know more about estate and succession planning?

For more information regarding our estates and succession planning services, including will preparation, powers of attorney, enduring guardianship, obtaining probate or letters of administration, and managing deceased estates, please use the quick enquiry form found on this page or call our office on 02 9687 8885. Our experienced estates lawyers look forward to assisting you with your estate and succession planning requirements.

This website is proudly supported by Phang Legal. This article was posted by Kenneth Ti, associate solicitor at Phang Legal.

Tags: administration, beneficiary, costs, drafting, estate, executor, family, free, guardian, independent, lawyers, legal, nsw trustee and guardian, person, phang, Probate, Public Trustee, solicitors, trustee, will, Will Drafting, Wills & Probate

Appointing Guardians for infant children

Posted on August 31, 2012 by Ern Phang

Why appoint a guardian for your children?

If you have young children, have you ever thought who would look after your children after you pass away? Even if you have a partner, or your children have another parent, there is always the possibility that both of you pass away at the same time – and then what happens?

Estate planning for people

who have young children often focuses on appointing a guardian. You may already have other family members in mind, or maybe a close friend who you can trust to have your child’s best interest at heart. The issue of appointing a guardian to look after your child is a very important consideration, not just from a legal perspective, but also from a social perspective.

Your child will be a minor until they turn 18 years old, and only then will the law recognise them as an adult together with all the legal rights and responsibilities as an adult. If you pass away before your child becomes an adult, it is likely that you will need to appoint a trustee to look after the financial aspects of your estate (possibly for the benefit of your child) and a guardian to care for your child’s welfare and upbringing. These appointments should be properly addressed in your Will.

Aside from appointing a guardian, your Will may also include directions for guardians with regards to place of residence, academic and/or religious upbringing, health and medical issues – basically, any matter that would otherwise normally concern a parent. Ensuring that your testamentary wishes regarding your child and appointing a guardian is properly documented hopefully will lower the likelihood of disputes over who should be responsible for your child – either through choice or circumstance.

Life is full of twists and turns, however with some planning in advance you can ensure that the children that you leave behind are in good hands and are cared for by the right people – people that you trust.

So why delay? If you are interested in drafting or reviewing your Will and what it says, give us a call or use the quick contact form to get in touch with us.

Want to know more about Wills and Estate Planning?

For more information regarding our estates and succession planning services, including will preparation, powers of attorney, enduring guardianship, obtaining probate or letters of administration, and managing deceased estates, please use the quick enquiry form found on this page or call our office on 02 9687 8885. Our experienced estates lawyers look forward to assisting you with your Wills, and your estate and succession planning requirements.

This website is proudly supported by Phang Legal. This article was posted by Ern Phang, director of Phang Legal.

Tags: benefit, children, drafting, estate, family, guardian, legal, planning, testamentary, trustee, will, Wills & Probate

Good Will Week 5-11 August 2012

Posted on August 5, 2012 by Ern Phang

It’s back again. Every year around this time, the NSW Trustee & Guardian presents Good Will Week. Good Will Week is a community education program organised by NSW Trustee & Guardian that encourages adults to make and update their Will.

This year, Good Will Week is between 5-11 August. The theme of this year’s Good Will Week campaign is “Before you take off,

take up a Will” reminding all Australians to make sure they have an up-to-date and legally valid Will in place before they head off on holiday.

For more information, visit http://www.makeyourwill.com.au/good-will-week.html.

Want to know more about Wills and Estate Planning?

For more information regarding our estates and succession planning services, including will preparation, powers of attorney, enduring guardianship, obtaining probate or letters of administration, and managing deceased estates, please use the quick enquiry form found on this page or call our office on 02 9687 8885. Our experienced estates lawyers look forward to assisting you with your Wills, and your estate and succession planning requirements.

This website is proudly supported by Phang Legal. This article was posted by Ern Phang, director of Phang Legal.

Tags: good will week, guardian, trustee, update, will, Wills & Probate

Planning for the future

Posted on March 30, 2012 by Kenneth Ti

Estate planning can help avoid complications that can arise following the death of a loved one. With an ageing population in Australia, proper estate planning is critical to ensure that your loved ones are adequately taken care of and have directions as to what to do when you move on.

Estate planning can include the following matters:

Having a Will
Having adequate life Insurance
Making sure your superannuation benefits go to the right people
Having a list of all your assets and liabilities
Having an enduring power of attorney
Having an enduring guardian
Having an Advanced Health Directive

Estate plans should never be considered permanent as considitions, whether financial or personal, change. Your plans should be reviewed perhaps every five years or so, or whenever there has been an important or significant change in your life, such as the acquisition of a significant asset or liability, or the birth, death, or marriage of someone in your family.

We can help you

review your estate plans – and where possible, help you transfer your assets to the next generation in the most effective way possible. If you have any questions please do not hesitate to contact us using the quick enquiry form on this blog.

Want to know more about estate and succession planning?

This website is proudly supported by Phang Legal. This article was posted by Kenneth Ti, associate solicitor at Phang Legal.

Tags: administration, assets, death, enduring, estate, estate planning, estates, guardian, legal, marriage, phang, planning, power of attorney, review, solicitors, superannuation, update, wills, Wills & Probate

How can a Parent Care for their Disabled Child after their Death?

Posted on October 17, 2011 by David Hazlewood

If you are the parent of a child requiring ongoing care as a result of a disability, planning for their care in the event of your death is a major issue. One of the vehicles that can help manage their financial well being is a Special Disability Trust.This structure allows you to nominate a person (or more than one person) to act as trustee and manage the financial affairs of your child. The trust is allowed to invest the funds for the purpose of paying for the care and accommodation of the principal beneficiary – your child. This may include purchasing and owning a suitable property for them to live in.

There are significant Centrelink concessions available with these arrangements. Firstly, assets up to $563,250 (indexed each year) are exempt from the assets test, and if a property is owned by the trust and used as the beneficiaries home, this is also exempt. In addition to this, Centrelink does not assess any income or distributions from a Special Disability Trust. These concessions may not be not available to beneficiaries of a normal trust (family/discretionary trust, testamentary trust), and may mean you can leave significant levels of assets for the care of your child and they can still be entitled to government assistance.

For parents above Age Pension age, there is also the opportunity to gift funds to a Special Disability Trust. Ordinarily Centrelink would regard any gift above $10,000 in a financial year ($30,000 over a rolling five years) as an attempt to deprive yourself of assets to increase your pension entitlements, and accordingly they would continue to assess these gifts as your assets. In the case of gifts by eligible family members however, up to $500,000 (combined) can be gifted to a Special Disability Trust for the care of your child and Centrelink would no longer count this as your asset. This could potentially make you eligible for Centrelink Benefits, or increase your entitlement to them.

There are a number of conditions that must be met to receive these concessions, and this article just provides a broad overview.

Want to know more?

This website is proudly supported by Phang Legal. This article was written by David Hazlewood and edited by Kenneth Ti, associate solicitor with Phang Legal.

Tags: assets, beneficiary, centrelink, david hazelwood, estate, family, Financial Planning, guardian, guardianship, planning, testamentary, Trustee Duties, trusts, wills, Wills & Probate

How can a Parent Care for their Disabled Child after their Death?

Posted on October 17, 2011 by David Hazlewood

There are a number of conditions that must be met to receive these concessions, and this article just provides a broad overview.

Want to know more?

This website is proudly supported by Phang Legal. This article was written by David Hazlewood and edited by Kenneth Ti, associate solicitor with Phang Legal.

Tags: assets, beneficiary, centrelink, david hazelwood, estate, family, Financial Planning, guardian, guardianship, planning, testamentary, Trustee Duties, trusts, wills, Wills & Probate

Good Will Week 2011

Posted on September 14, 2011 by Kenneth Ti

Don’t put it off – set some time aside to

write or review your Will

Everyone aged 18 years and over should have a Will – however the NSW Trustee & Guardian’s statistics show that over 45% of people in New South Wales do not have a Will!

Between 18 September 2011 and 24 September 2011, the NSW Trustee & Guardian will be running Good Will Week, its annual education campaign to encourage adults in New South Wales to have an up-to-date and legal will.

We will also be encouraging our clients to review their existing estate and succession plans and to prepare or update their Wills.

Not having a Will, or having a Will that is invalid or incomplete can result in intestacy and further complications for your family and loved ones that you leave behind in dealing with your estate. Those complications are unnecessary and can be avoided with a few simple steps – starting with having your Will prepared for you by a suitably qualified professional.

Want to know more about estate and succession planning?

This website is proudly supported by Phang Legal. This article was posted by Kenneth Ti, associate solicitor at Phang Legal.

Tags: 2011, drafting, elders law, estate, estates, family, good will week, guardian, intestate, lawyer, legal, nsw trustee & guardian, nsw trustee and guardian, phang legal, review, solicitor, trustee, update, will, wills, Wills & Probate

45% of Australians don’t have a Will!

Posted on August 12, 2011 by Ern Phang

Statistics for Wills in Australia

The NSW Trustee and Guardian (the replacement of the NSW Public Trustee) indicates that 45% of Australians don’t have a Will. Compared to the reasonable assumption that 100% of people die, that’s a glaring statistic showing an imbalance which then begs the question “why is there a section of the

Australian population who don’t have a Will?”

We’ve created this quick poll using some statements that we’ve heard over the years. So if you also don’t have a Will, let us know why.

On 19 August 2011, we’ll be running a free information session on Wills and estate planning at the Harris Park Community Centre as part of Will Awareness Day. Come along and you’ll find that writing a Will isn’t as difficult as it may seem, doesn’t cost as much as you thought, and doesn’t take a lot of time to do right (especially with professional advice and guidance).

A Will is probably one of the most important documents you’ll ever write in your life, and while you’ll never be around to regret not writing one, your family and loved ones that you leave behind will.

Want to know more about Wills and Estate Planning?

For more information regarding our estates and succession planning services, including will preparation, powers of attorney, enduring guardianship, obtaining probate or letters of administration, and managing deceased estates, please use the quick enquiry form found on this page or call our office on 02 9687 8885. Our experienced estates lawyers look forward to assisting you with your Wills, and your estate and succession planning requirements.

This website is proudly supported by Phang Legal. This article was posted by Ern Phang, director of Phang Legal.

Tags: buy, estate, estate planning, family, free, guardian, information, nsw trustee and guardian, planning, trustee, will, wills, Wills & Probate

What is an Enduring Guardianship?

Posted on October 18, 2010 by Kenneth Ti

Appointing an enduring guardian

An enduring guardian is someone you choose to make personal or lifestyle decisions for you when you are unable to make these decisions for yourself. You can specify what kind of decisions your guardian can make and you can also direct your guardian how to carry out those decisions. In addition to being someone that you can trust to make decisions in your best interests, the person that you appoint as your enduring guardian must be above the age of 18. You can appoint more than one enduring guardian, and you can even give them separate functions and responsibilities. You cannot appoint a person who, at the time of appointment, provides medical treatment or care to you on a professional basis, provides accommodation services or support services for daily living on a professional basis, or is related to one of these two criteria.

The enduring guardian must act within the principles of the Guardianship Act 1987, in your best interests, and within the law. Their capacity to make decisions on your behalf can be flexible or fixed. For example, you can direct your guardian to consult with your family or a close friend before making a particularly important decision.

An enduring guardian cannot make unlawful decisions and also cannot make a will for you, vote on your behalf, consent to marriage on your behalf, manage your finances, or override your objections, if any, to medical treatment.

While you can appoint an enduring guardianship, your enduring guardian will only start acting on your behalf when you lack the capacity to make your own decisions.

Enduring guardianship ends when you die or when you revoke the guardianship. There are also other conditions that may cause an enduring guardianship to end, such as if you marry, if one of the joint guardians dies, resigns, or becomes incapacitated (unless you provided for alternate guardians or otherwise), or if the Guardianship Tribunal revokes the appointment of the enduring guardian.

The Guardianship Tribunal reviews the actions of guardians and has the power to revoke or appoint an enduring guardian. In addition to this, the guardian may in specific circumstances request the Guardianship Tribunal to review the enduring guardianship or authorise certain decisions. Similarly you or someone on your behalf can request the Guardianship Tribunal to review the enduring guardian’s conduct should you or someone on your behalf object to the enduring guardian’s decisions.

Want to know more about estate and succession planning?

This website is proudly supported by Phang Legal. This article was posted by Kenneth Ti, associate solicitor at Phang Legal.

Tags: enduring guardian, Enduring Guardianship, family, guardian, guardianship, incapacitated, succession planning, will, Wills & Probate

Recent changes in the law about passing away without a Will

Posted on September 20, 2010 by Kenneth Ti

Intestacy laws introduced – do you still need a Will?

Most people know that it is important to draft a Will however not many people fully comprehend the consequences of passing away without a Will. The legal terminology for this situation is “intestacy”, however this may also apply to a person passing away with a Will that does not properly dispose of all of their estate. A recent survey by the NSW Trustee and Guardian shows that 46% of respondents did not have a Will prepared. This is a serious matter and should not be taken lightly. If you pass away without a Will, the risk that you bear is that your assets may not be divided in accordance with your intentions.

Sweeping changes to succession laws in New South Wales have now seen new legislation enacted that specifically deals with the law of intestacy. The Succession Amendment (Intestacy) Act 2009 commenced on 1 March 2010, and deals with people passing away after this date.

The recent changes have made a number of changes to the law, which include:

Brothers and sisters including siblings of half blood
Definition of a domestic partnership as being one that has been in existence for a continuous relationship of at least 2 years or resulted in a birth of a child.
Changes in the formula used to calculate Spouses’ Statutory Legacies
Preferential Rights of Spouses to acquire property
Dealing with Multiple Spouses
Distribution among children and relatives

In general the preference of distribution is, in order:

Spouse
Children
Parents
Brothers and Sisters
Grandparents
Aunts and Uncles (and subsequently, first cousins)
The State

It is important for people to have a Will drafted and executed, even if they do not have many assets. The failure to have a Will can result in the estate being divided in ways that the deceased may not have wanted it t be divided. Serious thought and consideration should be put into estate planning by all individuals.

Want to know more about estate and succession planning?

This website is proudly supported by Phang Legal. This article was posted by Kenneth Ti, associate solicitor at Phang Legal.

Tags: assets, deceased estate, estate, estate planning, guardian, intestate, legal, nsw trustee and guardian, planning, succession act, will, Will Drafting, will preparation, Wills & Probate

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Parramatta Law Firm assisting with Probate, Administration and Estates

Tag Archives: guardian

Appointing the Public Trustee

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Appointing Guardians for infant children

Why appoint a guardian for your children?

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Good Will Week 5-11 August 2012

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Planning for the future

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How can a Parent Care for their Disabled Child after their Death?

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How can a Parent Care for their Disabled Child after their Death?

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Good Will Week 2011

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