Why Should You Establish a Trust for Estate Planning? 4 Reasons

One of the most common questions that lawyers get asked is whether a trust is necessary or not. Just in case you didn't know, a living trust gives more control over your assets in the event of incapacitation or death. This means you will have more control or power over how your assets are distributed amongst children or your preferred beneficiaries. There are also other important reasons as to why creating a trust makes sense. Reputable estate planning lawyers in Perth list out the following benefits:

Avoid probate:

Probate is a court-led process, which is complex and time consuming. During the probate process, the court will be examining all the provisions and assets included in the will. There will also be a waiting period, during which the beneficiaries will have no access to any of the funds or properties in the estate. When you have a living trust, you can avoid probate. Your family members don't have to go through the hurdles of this process, thus letting them save their time and money.

Incapacitation:

Another benefit of having a trust is that it can be imposed when you are incapacitated. During such circumstances, a trustee will control your assets and manage them just the way you wanted. 

According to the estate planning lawyers in Perth, your trust should specify in detail how your assets must be taken care of when you are incapacitated, and what needs to be done after your death. However, this is not the same as a power of attorney. Married couples can also establish a trust in order to set aside assets for the surviving spouse.

Protect Your Assets:

Having a trust will secure your property from creditors or lawsuits. If a beneficiary of your assets has a lawsuit filed against them, your trust will help protect your assets and keep them inaccessible to creditors.

Flexibility to Manage Assets:

Having a trust lets you decide how your assets must be distributed under different circumstances. There are different types of trusts available for you to consider. The most common types include revocable and irrevocable living trusts. 

A revocable living trust, as the name suggests, is a trust that can be changed or revoked by the grantor any time they want. An irrevocable trust remains fixed. Another popular type of trust is the income-only living trust. Get in touch with the certified trust lawyers in Perth, in order to know how your assets must be managed. Simply put, having a trust gives you the flexibility to manage and distribute assets as per your requirements.

Save money and protect your property by establishing a trust for estate planning. To get useful guidance and assistance in this process, hire a good law firm of a recognised migration lawyer in Perth today.

Tougher Restrictions for Fairfield, Liverpool, Bankstown-Canterbury Local Government Areas

 

The latest lockdowns are having devastating affects on our personal lives, businesses, mental health and our ability to get back to normal life.

What is more devastating is that the NSW Government has now introduced new “tougher” restrictions preventing people residing in the Fairfield, Liverpool, Bankstown and Canterbury Local Government Areas (LGA) from leaving those areas for the purposes of work….the one thing that everyone needs to do to survive.

The new restrictions on work for the Fairfield, Liverpool, Bankstown-Canterbury Local Government Areas under clause 24E, Public Health Orders. Click here to read latest order.

(1) This clause applies to a person—

(a) whose principal place of residence is in—
(i) an affected area (i.e. Fairfield LGA) or
(ii) the local government areas of the City of Liverpool or Canterbury-Bankstown, or

(b) who is staying in temporary accommodation in—
(i) an affected area, or
(ii) the local government areas of the City of Liverpool or Canterbury-Bankstown.

(2) Despite clause 20, a person must not, for the purposes of work, travel outside the local government area in which the person resides or is staying.

Note 1. It is not a reasonable excuse for a person to be away from the person’s place of residence or temporary accommodation for the purposes of work.
Note 2. A list of workers (authorised workers) who are exempt from this clause is published on the NSW government website www.nsw.gov.au. Click here to read that list.

Other important restrictions include:

Clause 24(1): Closure of Retail Premises 

1A) The Minister directs that retail premises must not be open to members of the public in Greater Sydney, except for the following retail premises—

(a) supermarkets and grocery shops, including neighbourhood supermarkets and neighbourhood shops,
(b) shops that predominantly sell food or drinks,
Example. This includes butchers, bakeries, fruit shops and delicatessens, but does not include restaurants or cafes.
(c) chemists and pharmacies,
(d) kiosks,
(e) shops that predominately sell any of the following—
(i) office supplies,
(ii) pet supplies,
(iii) newspapers, magazines and stationery,
(iv) alcohol,
(v) maternity and baby supplies,
(vi) medical or pharmaceutical supplies,
(f) food and drink premises, but only as permitted under subclause (1)(a)or (b),
(g) cellar door premises, but only as permitted under subclause (1)(e),
(h) hardware and building supplies,
(i) landscaping material supplies,
(j) rural supplies,
(k) timber yards,
(l) garden centres and plant nurseries,
(m) vehicle hire premises, not including the premises at which vehicles are sold,
(n) shops that predominately carry out repairs of mobile phones.
Note 1. Service stations, banks, post offices, laundromats and dry cleaners are not
retail premises and can remain open.
Note 2. See clause 3(2) for definitions of certain retail premises.

Clause 24AB Construction Sites: The Minister directs that work is not to be carried out on a construction site in Greater Sydney, unless the work is urgently required. .

There are more restrictions being implemented from 17 and 19 July 2021. Please access and read the full list of restrictions before deciding to leave your home.

We are always here to help. Please call 1800 100 529 if you need assistance with your interaction with NSW Police or if you have been charged with an offence.