Inherit Australia

🏇 Melbourne Cup traditionally marks the start of the silly season in Victoria. In estate planning, it also signals the rush towards the Christmas break, when clients aim to finalize their plans before heading away or tick-off the to-do list for the year. In recent years, online and cheap Will providers have flooded social media and even TV with ads, using FOMO and cut-price offers to capture clients. But there’s a difference between these templated, algorithm-driven online Wills and a holistic estate plan that truly serves client needs. Here are some key points to consider: 💡 Template vs Plan: Online Wills often use generic templates, sometimes reviewed by a lawyer with a quick “glance over.” By contrast, a holistic estate plan takes into account a client’s entire family, asset structure, and personal wishes. It means creating a plan with genuine legal advice before drafting the final documents. 💼 Transparency & No Hidden Fees: Online Will providers often aim to lock in probate or referral work, with executor fees as high as 3% of the estate value. For a property owner in a Capital Australian city, that can add up to $45,000 – a high cost for loved ones left behind. On the other hand, fees for service providers such as Inherit offer transparency in the total estate planning and probate costs and create flexibility for beneficiaries. 🏛️ Tax Planning: Holistic planning through Inherit Australia covers essential considerations like tax, CGT, and stamp duty. We use strategies like testamentary trusts and investment bonds to make inheritance as tax-efficient as possible for beneficiaries. (talking Ian Raspin is a good starting point) So, when a client says, “I’ve done an online Will,” ask them: Would you prefer to invest a bit more now to avoid a hefty bill and tax burden for your loved ones later? This is a conversation worth having. Because of peace of mind for clients and their families? Priceless. Inherit Australia provides advisers with a structured estate planning facilitation process to ensure that client interests and wishes are maintained as part of their estate plan.

We are thrilled to connect with Lifespan advisers this morning. It’s inspiring to see such dedication to supporting our shared mission to simplify and enhance estate planning. Here’s a glimpse of our latest communication with the Lifespan advisers. Thank the Lifespan team for your commitment and trust in the Inherit Australia platform! Our population is ageing, and affairs are becoming more complex, which means the importance of estate planning is rapidly growing. Yet, half of your clients may not have an up-to-date estate plan in place. RG175 states the role of non-product-specific obligations. However, advisers have limited ability to act under a broken referral framework. Options like online or post-office Wills fail to address critical non-estate assets, and the cost of inaction is high, with potential litigation expenses of up to $150,000 As advisers, we have an in-depth understanding of our clients, their families, and their assets. Often, you are one of the first people contacted when a client passes away, positioning you to play a crucial role in probate and the impending "great wealth transfer." This is not only a valuable revenue opportunity but also a chance to ensure tax-effective wealth transfer while protecting and retaining funds under management with the next generation. Several key roadblocks emerged when Inherit Australia surveyed advisers during COVID about estate planning. Lack of time and resources was a common challenge, alongside concerns like, "I don't know anything about estate planning—how can I run a client meeting?" or "I don't want to give legal advice—that's the lawyer's job." Many advisers also felt that estate planning offered limited financial incentive, saying, "There’s no money in it for me.” These barriers highlight the need for streamlined support to help advisers confidently engage in estate planning. And then, in the middle of the pandemic, Inherit Australia founders created a platform that will eliminate roadblocks and enable advisers’ true estate planning facilitation service. We came across Inherit Australia with feedback from one of our advisers and our in-house technical superstar reviewed the service and confirmed that the platform can reduce advice risk with the help of legal bots and a panel of approved estate planning lawyers. How to start: Read more about Inherit Australia here: https://lnkd.in/gq3DkAup Book a demo here: https://lnkd.in/guRmx4aJ Sign up for a 14-day free trial here: https://lnkd.in/g9YseER5 More resources like the Inherit active blog with fresh estate planning topics can be found here https://lnkd.in/gEyWKUqK

Are your clients in a de facto relationship? The impact on estate planning can be significant. Advisers, it’s essential for clients to understand the complexities of de facto relationships and how they might influence estate claims. Here’s what to consider: Eligibility to Claim or Challenge the Estate If a client’s partner or spouse qualifies as a de facto, they may be eligible to claim or challenge the estate if not adequately provided for. Minimum requirements for a spouse generally include housing, an income stream, and a lump sum to cover life’s unexpected turns. Defining a De Facto Relationship A relationship may automatically qualify if registered or if there’s a child involved. Otherwise, a de facto relationship is generally recognised after two years if it meets criteria like shared residency, financial interdependence, mutual life commitment, or the public reputation of the relationship. Both same-sex and different-sex relationships can qualify- even if one person is already married or in another relationship. Superannuation and De Facto Dependents If a client is in a de facto relationship, their partner may be considered a "dependant" for superannuation death benefit purposes. Advisers should encourage clients to review their super death benefit nominations to determine if their de facto partner should receive a portion and, if so, how much. For clarity and security, suggest they consider a binding, non-lapsing death benefit nomination - either for their partner, another dependant, or their estate. Connect your clients with their Inherit nominated lawyer to discuss the best provisions to meet their unique circumstances. Note: Cheap online wills and post office Wills typically do not cover complex or De Facto estate plans. Many online wills are offered at low cost or even free, but the business model often locks in client beneficiaries to expensive probate processes or cross-sells other services. Inherit Australia provides advisers with a structured estate planning facilitation process to ensure that client interests and wishes are maintained as part of their estate plan.

Cross-Border Estate Planning Considerations for Your Clients If your clients hold citizenship outside of Australia or have assets across borders, here are key factors to consider for effective estate planning: 🌏 Inheritance Tax on Worldwide Assets – Clients who are non-Australian citizens should review their country’s inheritance tax laws, which may impact their worldwide assets, including those they own or control in Australia. 👥 Australian Residency Implications – Help clients assess how their citizenship status might influence their residency and tax obligations in Australia, especially if they or their beneficiaries are non-residents. 🏛️ Non-Resident Executors – If a client’s executor is a non-resident, their estate could be deemed a "non-resident trust," creating potential tax challenges. 🌐 International Assets & Wills – For clients with assets in foreign jurisdictions, evaluate whether an "International Will" could simplify estate matters or if separate wills are required for each country. By guiding clients on these complex considerations, you can add real value in protecting their legacy across borders. Note: Cheap online wills and post office Wills typically do not cover cross-border estate plans. Many online wills are offered at low cost or even free, but the business model often locks in client beneficiaries to expensive probate processes or cross-sells other services. Inherit Australia provides advisers with a structured estate planning facilitation process to ensure that client interests and wishes are maintained as part of their estate plan.

Inherit Australia Welcomes BusinessDEPOT (Legal) to Our Legal Panel! We’re excited to announce that BusinessDEPOT (Legal) is now part of the Inherit Australia panel, enhancing our service offering as we expand further into sunny Queensland! Led by Neal Dallas and Victoria Mercer, their team brings a wealth of expertise in estate planning, self-managed superannuation, and strategic tax planning. Neal Dallas, Director of Legal, has 30 years of industry experience with a focus on superannuation. Victoria Mercer, Associate Lawyer in the Wealth Advisory Division, specializes in complex estate planning for high-net-worth individuals, business owners, and blended families. We’re thrilled to collaborate with Neal, Victoria, and the BusinessDEPOT (Legal) team in delivering enhanced estate planning solutions!

When working with clients on estate planning, family dynamics matter! Some advisers have been asking us why we inquire about your client’s siblings. It’s not just small talk - understanding family circumstances is key to building a comprehensive estate plan. Here's why sibling details are crucial: - They might be an executor. - Enduring power of attorney. - Are there existing financial ties or co-owned assets? - Do they play a role in a family business? - Guardianship of minor children, if needed. - Are they beneficiaries or have any claim on the estate? Check out the video for a closer look. Note: Cheap online wills and post office Wills typically do not cover the entire family dynamics. Many online wills are offered at low cost or even free, but the business model often locks in client beneficiaries to expensive probate processes or cross-sells other services. Inherit Australia provides advisers with a structured estate planning facilitation process to ensure that client interests and wishes are maintained as part of their estate plan.

Estate Planning Considerations for Self-employment & Gig Economy Clients Advisers, managing clients in the gig economy or self-employed? Their estate planning needs are far from traditional. With diverse income streams, business assets, and complex tax structures, a tailored approach is essential. Firstly, help your clients accurately identify and value their business interests and how they are held. These should be seamlessly integrated into their estate plan. As self-employed individuals, they must also explore tax-efficient strategies to minimise estate taxes and maximise the wealth passed on to their beneficiaries. In some cases, existing trusts may hold a portion of their family wealth for tax and asset protection purposes. These assets don’t form part of the estate, as they are technically not “owned” but controlled through roles like a company trustee director or under a “power of appointment” in the trust deed. Inherit lawyers can help ensure the control and ownership of these trust assets are properly managed upon death. Estate planning for self-employed or gig economy clients requires a comprehensive approach, addressing unique aspects of business ownership, trusts, and financial management. Working closely with legal professionals is crucial to covering all angles. Note: Cheap online wills and post office Wills typically do not cover non-estate assets. Many online wills are offered at low cost or even free, but the business model often locks in client beneficiaries to expensive probate processes or cross-sells other services. Inherit Australia provides advisers with a structured estate planning facilitation process to ensure that client interests and wishes are maintained as part of their estate plan.

Advisers, is your client’s life insurance aligned with their estate plan? Life insurance can provide essential financial security, but if it's not integrated properly into an estate plan, it may not serve your client’s goals. From beneficiary designations to ownership structures, how the policy is set up matters. Swipe through the carousel to discover key steps to ensure your clients’ life insurance policies protect their legacy and provide peace of mind for their loved ones. Note: Always consult a lawyer before making any changes to estate plans to ensure compliance with legal requirements and protect your client’s best interests.

Have you discussed motor vehicle ownership with your clients as part of their estate plan? While cars may not be the most complex asset, they still play a role in estate planning. Solely owned vehicles become part of the estate, while jointly owned ones may bypass probate entirely. Advising clients on how their cars are titled and ensuring clear documentation can prevent disputes and ease the transition for beneficiaries. Key actions for advisers: - Assess how your clients’ vehicles are owned and their value in the overall estate. - Encourage them to communicate their intentions for vehicle distribution. - Ensure all registration, insurance, and title documents are up-to-date and accessible. - Discuss joint ownership implications. - Integrate vehicles into their estate planning strategy to avoid surprises down the road. Inherit Life Vault mitigates the risk of ongoing tracking of cars and other small assets. This facility is a highly secure storage for client data, accessible only by an attorney or beneficiary after a strict verification process.

Helping clients with investment properties? Here's why estate planning is essential Roughly 2,250,000 Australians- about 20% of taxpayers- own investment properties, representing around 3.25 million properties across the country. Ensuring these assets are effectively managed and passed on is vital for protecting their long-term value. As an adviser, you know investment properties are valuable assets for your clients, but without a solid estate plan, they can create challenges down the track. For instance, if owned solely, the property becomes part of the estate and is distributed according to the will- or intestacy laws if no will exists. On the other hand, co-ownership arrangements like joint tenancy or tenancy in common can allow for direct transfer of shares to co-owners outside of probate. It’s crucial to understand these dynamics to ensure the estate plan is properly tailored. Inherit Australia provides advisers with a structured estate planning facilitation process to ensure that client interests and wishes are maintained as part of their estate plan. Key actions to consider with your clients: - Review ownership structures and their estate implications. - Clarify and communicate intentions with beneficiaries or co-owners. - Explore strategies like trusts or life estates for seamless transitions. - Address potential tax consequences for beneficiaries. - Ensure wills, trusts, and property deeds are regularly updated. Help your clients protect their investment properties and safeguard their legacy. Clear planning now will minimise future disputes and ensure their wishes are respected.