Planning for the future isn’t just about drafting a Will. It’s about protecting your legacy, providing for loved ones, and minimising risks that could disrupt your intentions. At The Law Office of Conrad Curry, we guide our clients through every step of estate planning to help them balance competing claims, address risks, and safeguard their hard-earned assets.
Giving Gifts During Your Lifetime
Giving gifts while you’re alive can be a meaningful way to support loved ones or make an impact. However, this generosity can sometimes lead to unintended consequences, especially if not carefully planned.
Here are key considerations when making significant gifts:
- Legal Ownership:
Once given, a gift typically cannot be reclaimed. Be sure about your decision before transferring valuable assets. - Impact on Your Estate:
Large gifts can reduce the size of your estate, potentially affecting the inheritance of other beneficiaries and increasing the likelihood of disputes. - Tax and Social Security Implications:
Depending on the value or timing, gifts may have tax implications for either the giver or the recipient. Seek advice to avoid unexpected liabilities. Gifts may also affect the social security benefits in receipt of pensions. - Future Financial Security:
Ensure that giving doesn’t compromise your ability to support yourself or fund your lifestyle in the years ahead.
A well structured approach, with input from legal and financial experts, can help minimise risks while maximising the joy of giving.
Balancing Competing Claims
The Succession Act 2006 (NSW) allows certain eligible persons to challenge a Will if they believe they have not received adequate and proper provision. Proactively addressing potential claims in your estate plan is critical for minimising disputes. Consider:
- Who can claim: Understand who is eligible to challenge your Will, including estranged family members.
- Strength of claims: Evaluate your moral obligations to potential claimants and weigh up their financial needs, health, and relationship history.
- Blended families: Tailor your plan to address the complexities of blended family dynamics.
Strategies to Limit Estate Disputes
- Testamentary Trusts:
Establish trusts in your Will to control and protect the distribution of assets, particularly for vulnerable beneficiaries. - Life Estates or Rights of Residence:
Provide a surviving spouse with housing security while ensuring the property ultimately passes to your children. - Superannuation and Life Insurance:
Use superannuation or life insurance to supplement your estate or to make provision for the contingencies in life of one or more of your intended beneficiaries. . - Mutual wills contract
Make a contract with your spouse to leave your assets to each other and then to your children.
- Gifts for Immediate Needs:
Where your children are the ultimate beneficiaries of your estate after the death of your spouse, you might consider making gifts to your children in your Will to make provision for their immediate financial needs upon your death.
- Binding Financial Agreements:
Protect existing assets in new relationships with agreements under the Family Law Act 1975.
Why Proper Advice Matters
Every estate plan is unique. At The Law Office of Conrad Curry, we ensure your plan reflects your wishes while balancing the needs of your family. We help you:
- Assess the full scope of your estate, including other financial interests which are not formally part of your estate..
- Identify potential claims.
- Design strategies to limit disputes and ensure your intentions are honoured as best you can
Protect Your Legacy
A thoughtful estate plan is about more than distributing wealth—it’s about protecting relationships and preserving your memory. By taking proactive steps and seeking expert advice, you can secure your legacy for future generations. Contact The Law Office of Conrad Curry today to begin planning with confidence.
DISCLAIMER
This article reflects the current law at the time of publication. It is intended for informational purposes only and does not constitute legal advice. The actual decisions in each case are summarised for general understanding. For specific legal guidance in relation to your situation, please consult with a qualified legal professional.
