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Individual/Private Client Health Check List

Wills

Do you have a will?

Do you know how old it is?

Do you know where your will is?

Do your family and executors know where your will is located?

Has your situation changed since you signed your last will? Eg. started a business, divorce, retirement, children, financial situation etc.

Estate Management

Do you know what a testamentary trust is and how it may benefit you?

Do you have any minor beneficiaries i.e under 18 years?

Do your children or other beneficiaries have any special needs:-

o Health issues

o Addiction issues

o De facto or family law issues

o Bankruptcy or possibility of bankruptcy

How does your will operate in relation to your family trust?

Enduring Powers of Attorney and Advanced Care Directives

Have you considered appointing someone to take care of your financial affairs should you be overseas or incapacitated?

Have you considered preparing an Advanced Care Directive in which you can set out your wishes in relation to the health care you want to receive in various health care/medical situations?

Have you considered the appointment of a guardian to make decisions of a non-financial nature relating to your care for the future?

Family Trust

Do you have one and if so, do you know where the trust deed is located?

Who is trustee? Does the trustee need to be changed?

Is the family trust still appropriate for you?

Does the trust need to be amended to allow income streaming in view of the High Court decision in Bamford?

Who has the power to vary the trust deed?

Superannuation

Do you have more than one superannuation fund?

Do you know the location of the trust deeds?

Who is the trustee?

Who is the nominee?

Is it a self managed fund?

Have you considered using your SMSF to acquire property?

Does the fund permit you to make a nomination of the beneficiary of your interest in the fund on your death? Is it a binding nomination?

Insurance Policies

Have you considered life insurance?

Have you considered income protection insurance?

Who are the beneficiaries of such policies?

Do you know where the policy documents are located?

Does your cover extend to total and permanent disability and if so do you know what will constitute total and permanent disability?

Property Issues

Do you hold real estate jointly or together with another and if so, do you know whether it is held as tenants in common or as joint tenants?

Do you know the difference between tenancy in common and joint tenancy?

Are you considering buying, selling or leasing real estate?

Where are the title deeds to your home?

Are there any mortgages registered on the title which need to be discharged?

Asset Protection

Are you in a profession or business that is a high risk target for litigation?

Are you concerned about your personal liability arising out of a directorship or partnership?

Employment Matters

Have you recently reviewed your employment contract?

Does your employment contract comply with the Fair Work Act 2009 (Cth)?

Does your employment contract need to be reviewed in the context of a change in your role?

Are you familiar with the employee award or enterprise agreement relevant to your employment?

Have you been dissatisfied with your employers conduct in relation to an issue arising out of discrimination or harassment?

Do you know your rights and obligations pursuant to the Work Health and Safety Act 2011 (NSW)?

Do you need any migration advice in relation to your stay in Australia?

Relationship Matters

If you are married or living in a defacto relationship (whether opposite or same sex):

Do you understand the legal and financial implications of that?

Have you considered regulating the financial aspects of this relationship by way of a Binding Financial Agreement?

If you are married, or about to be married, do you need to consider regulating your and your spouse’s financial affairs by way of a Binding Financial Agreement?

 

This publication is intended only to provide a summary of the subject matter covered. It does not purport to be comprehensive or to render legal advice. The publication reflects the law at the date the publication was written which may differ at the date the publication is being read. No reader should act on the basis of any matter contained in this publication without first obtaining specific professional advice.
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