Do you want to
SUPER charge
your estate planning?

You are right in the right place!

Has your inheritance been diluted by divorce settlements and other life events ? What if there was a way to protect inherited assets and maximise income from the assets whilst preserving the capital? Yes there is and it’s called a SuperWill (well in our office it is)!!

Caroline here from Probate Portal!

I am an estate planning lawyer with a twist! I’m also an investor, writer, crossfit enthusiast and money coach. I really enjoy seeing my client’s thrive in all aspects of their lives! I’ve been helping families with their estate planning for over ten years now.

I have coined the term SuperWill to help everyday Australian’s understand the benefits of a Will with ‘Super’ powers. In legal terms it’s a Will that leads to a Testamentary Trust for your beneficiaries to hold their inheritance in. Think of it like an armored vehicle and your beneficiary is the driver. All the benefits of the protection of SuperAnnuation without having to wait a lifetime to get the income!

So I’ve put together this page to share with you the opportunities Testamentary Trusts offer everyday Australian families to build and preserve wealth for the next generation.

From now on we will just call them TT’s for short.

FAQs

A SuperWill is our name for Will that allows the TT to come into operation when the Will maker passes.
A TT is a legally protected environment like your Superannuation. If you get personally sued, no one can attack assets in your Super but the downside is you have to wait until your retirement age to draw an income from your Super.
With a SuperWill your beneficiaries get protection and income – all during their lives if you are no longer with them!
- Provide an income from assets for your beneficiaries during the course of their lifetime
- Protect assets from divorce settlements and relationship break down
- Preserve assets for your bloodline only
- Allow income to be shared amongst family members so as to minimise tax
- Allow children under the age of 18 to receive $18,200 (current threshold) per year tax free
- Provide a Trust specifically designed for beneficiaries with support needs
A SuperWill comes with a higher price tag than a standard Will as it includes the Trust Deed, and that is where your value is. In our view SuperWills are a worthwhile investment but you need to make that call for yourself and ensure it is a right fit for your family.
A SuperWill suite for an individual is $1,650 . The suite includes your SuperWill, Enduring Power of Attorney, Superannuation review, death benefit nomination update (if required), safe custody facility, complimentary review in 3-5 years and initial consultation for your executor.
Your net worth is probably growing and you may have a life insurance policy that will be payable upon your passing, all of this needs to be weighed and considered.
The divorce rate is 40-50% and tax rates are not going down! If your beneficiaries are likely to receive $500,000 or more from your estate , they will receive significant benefit from a TT.
We service our clients remotely from the comfort of your home or office. Depending on the complexity of your affairs we can complete the work for you in ten days. For most clients 1.5 - 2 hours will be required.
Yes this is possible, but the funds will not be protected outside the TT, a loan might be a better option.
Have a chat with adult children about this. Get their views. Your beneficiaries can consult experts to help you with that side of things, the real question to ask is do you think the outcome is worthwhile and that is preserving family wealth.
That is a question only you can answer, but as a comparison, think of the $1,500 you might spend each and every year insuring a vehicle worth $40,000 for an accident that may never happen and in reality rarely does. A SuperWill is a one-off fee that will insure your asset pool for three generations. We think there is some serious value here.
Your beneficiary will usually control their Trust and must arrange for tax compliance each year. They will need an accountant for this. The Trustee may also want to retain a financial planner for advice on investments to maximise the capital growth and income.
If you have genuine interest please book a free discovery call, I will listen to your Questions’s and do my best to answer them. If I don’t think a SuperWill is worth your investment I will be honest with you.

Real-life Examples

Rob has a life insurance policy of $ 1.5 Million. He writes a SuperWill providing a TT first for his wife Sue then his two children Tim, Jim and Tinker who are triplets in prep. Rob and Sue owe $500,000 on their mortgage when Rob sadly passes.

At the current tax rates in Australia the TT will allow Sue to share income with the children and Sue will save $17,745 in the first year alone.

Jim and Bev are in their 70’s, they have one daughter Tess who is married to Mark. Tess and Mark have two daughters in their early twenties, Eve and Stacey.

Jim and Bev already have Wills in place, they estimate their estate is worth about $ 800,000.

Jim and Bev find out about SuperWills. They discover their current Will is a standard Will so they upgrade to a SuperWill. The plan is the same but this time the inheritance for Tess is through a TT. A year later Jim and Bev tragically pass away after a catastrophic motor vehicle accident. Not long after Tess receives her inheritance , her marriage to Mark disintegrates and they begin property settlement proceedings. Fortunately for Tess, the inheritance from her parents, whilst considered a resource, is not included in the actual pool of assets available for division.