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Is there such a thing as bullet proof asset protection? In my view, no.

Risk Analysis

The first step in asset protection is to identify the areas of your life (and the way you do things) that expose your hard won personal assets to risk of being grabbed by people seeking to unjustly seek windfall advantage from you.

We have developed over 50 targeted questions written after years of advising people in this area and consolidated them into an easy to use checklist.

Our questions are grouped under these themes:

Risk Management Plan

Once the risks are identified, what are the strategies to minimise those risks? Our Checklist helps you develop and implement a risk management plan to protect your personal assets.

Wealth creation by keeping what you have

Wealth creation is just as much about quarantining and protecting what you have as it is about new opportunities.

Take action today with our Personal Asset Protection Health Checklist only $19.95

More resources: www.onlinelegal.com.au

Your trustees are those who are entrusted with holding part or all of your estate (pursuant to your Will) on trust for a period of time before distribution to a beneficiary.

Usually your executors and trustees will be the same people.

If a beneficiary is of full age and capacity, the trust will only exist during the time of the administration of the estate and the trust will terminate once there is a distribution to the beneficiary. (Adinistration is that time between death and distribution of the estate).

The most usual occasion where a longer-term trust arises is where a minor (that is, a person under the age of 18 years) is a beneficiary under your estate.

Some factors to consider in choosing trustees:

• Their ability to manage money
• Their relationship with any guardians of infant children you are appointing. The guardians will need to have trustee approval to access parts of your estate for the education, maintenance and advancement in life of minors.
• The degree of decision making power that they have. Are they only have power of distribute income to minor beneficiaries or also to dip into capital if they decide its necessary?

Consider appointing joint trustees. This has two advantages:

• If one is unable to act there is still one trustee
• They both must agree before property is applied for a minor beneficiary.

Our Advanced Will has detailed Trustee Powers to give trustees to power they need to administer an estate cost effectively.

More resources:
www.onlinelegal.com.au

Here are some common problems with Non-Disclosure Agreements (sometimes called Confidentiality Agreements) that we have reviewed.

1. Contracting parties

Think about precisely who is to be bound by the Agreement and make sure that they are named as parties to the agreement and they sign-off.

If you are dealing with a business make sure that the legal entity that owns the business is a party. “Business names” and “Trusts” are not legal entities. Who owns the “business name” (a business name search may be necessary); who is the trustee of the trust - they are the party.

2. Agreement or Deed

If employees, contracts or other third parties are to be bound a Deed must be used.

3. Limitations on disclosure

A good agreement contemplates precisely how the Material will be used by the recipient party (that is, who within their organisation will have access to it.)

4. Material to be kept confidential

There is no point being too broad here with words like “everything I show you”. Be specific. More …

5. Purpose of Disclosure

Make sure this is stated.

6. Return of Confidential Material

When the purpose is finished there should be an obligation for all copies of the Material to be returned. I have even seen a Statutory Declaration required at this point.

Resource: Non-Disclosure Agreement from OnlineLegal.com.au

Other Resources: Non-Disclosure Agreements add value | www.onlinelegal.com.au

Here are my top five common Will making myths which have been informed by years of legal practice in this area, in Australia.

Myth 5: I have to list all my assets in my Will

Wrong. Most Wills are made by the Will maker gifting, “the whole of my estate of whatever nature and wherever situated”, to particular people.

The benefit of making a Will in this way is that you do not need to change your Will each time specific items of property change.

If specific items of property are listed in your Will and one of those items is sold the gift of that item of property fails. This can result in your intended beneficiaries being deprived of part of your Estate because an identified asset has been disposed of and therefore cannot be gifted by your Will.

Myth 4: Only a lawyer made Will is a valid Will

Wrong. There is a very famous case about a handwritten note simply saying, “All to mother” being held by a Court to be a valid Will.

Myth 3: A valid Will has to be witnessed by a lawyer or a JP

Wrong. The requirements for witnesses of Wills is that the witnesses be of age and capacity and independent to the Will maker.

The witnesses should understand that the document that they are witnessing is a Will and be satisfied that the Will maker has capacity (called testamentary capacity) to make a Will. If in doubt, seek legal advice.

Myth 2: A simple Will is more open to being challenged

Wrong. If the “age old” formal requirements for making a Will are followed (which are relatively simple) it is highly unlikely that a Will could be challenged on the basis that it lacked the right form. (See also Myth 4).

If there are those (for example close family members) who may have a claim against a Will maker’s assets if they are excluded or not adequately provided for, they will have that claim whether the Will is simple or complex. This is because such a claim arises as a matter of law.

If you are concerned about a claim someone may have against your estate take specific legal advice. I have also written an Article on my Blog site which may help: Avoiding a claim on your estate

My number 1 myth: I’ve got plenty of time

Wrong. We all know stories of people who have thought this and have had their lives tragically cut short.

The grief and cost for loved ones left behind who need to administer your affairs without a Will are huge.

It is far better, to make a simple Will today and change it in a month or so … after you have thought about it further than put off making any Will for a month or so which almost inevitably will become 6 months or so, no 12 months or so, no 24 months or so … or … never.

Make a Will today!

More Resources: www.OnlineLegal.com.au