What a year it has been so far. We thought that it was important for us to remind you that we care about our client’s psychological well-being as well as financial well-being. For those who are managing the stress of working from home, reduced income and an uncertain economic future, we understand completely how difficult it is.
Thankfully a wide range of assistance is available to help us get through these unusual circumstances.
- Majority of banks have put together Coronavirus support for businesses, including refund of merchant fees, moratorium on loan repayments and offering unsecured Business loans for working capital purposes.
- Housing Victoria has provided ‘’Coronavirus Rent Relief Grant’’ for up to $3,000 for people experiencing rental hardship
- Department of Health and Human Services also provides ‘’Utility Relief Grant’’ for eligible accountholders for up to $650 in a two-year period
- Beyond Blue which provides mental well-being services has a dedicated line to provide support for people struggling to cope during the pandemic
- National Debt Helpline also provide free services for people who need any form of debt management assistance
- JobKeeper #2 is about to be rolled out
- ATO Cash Flow Boost still has payments until end September
- Another round of Support Grants to be issued from the Victorian Government
- The ATO are being very understanding about outstanding debts and lodgements (at the moment)
When we have Treasury clarification on the new round of assistance that is being rolled out by end of September, we will keep all clients updated further, just as we have since the beginning of the pandemic.
As well as the wide range of assistance that is available during these troubled times, greater protection for this brave new world as the global pandemic we are all bravely facing is also important. It has shown us just how important it is to ensure your family is protected and provided for in the unfortunately even of the death of a loved one.
With people losing their employment and lending institutions requiring more and more guarantees from their borrowers in order to secure finance, there is a greater need to ensure our assets are not diminished and are protected from creditors.
It is important to consider if your circumstances have changed and if your will, power of attorney documents, company or trust structures (estate documents) are serviceable to your wants and needs.
It is always recommended to review your estate documents every 3-5 years. However, within that time if your circumstances do change, your estate documents may not provide the most appropriate level of protection and may leave your estate exposed.
Additionally, if you do not have any estate documents in place, it is vitally important to consider putting these in place to protect your loved ones and to ensure they are able to administer your estate as easily as possible during their difficult time.
Check out the list below that we have put together to help you! This is a list of non-exhaustive matters to always consider when reviewing your estate documents:
- Who is your executor?
- Have you separated from your partner?
- Have you re-married or do you have a new spouse?
- Are you children still considered dependant upon you?
- Do you have life/death insurance and permanent disability insurance cover within your super? Is the amount you are insured for enough?
- Have you in place a binding death benefit nomination for your life insurance and super? Has the nomination lapsed or is the beneficiary an authorised person (spouse, child, financial dependant, estate)?
- Have you provided any specific assets of your estate to people under your will but no longer in your possession?
- Have you lost touch with a person who would currently benefit from your estate?
- Is there enough protections put in place for someone you are not providing for under your estate?
- Has anyone names within your will passed away? What would happen to their share? Has that been made clear within your will?
- Does your trust deed or company constitution provide provisions on what happens if you were to pass away?
If you are unsure on how to answer any of these questions, please get in touch with our team. If you require a review of your estate it is recommended you have a discussion with one of our estate lawyers who will guide you on the best course of action. We are here to give you greater protection for this brave new world!
A bonus of Canny Group is that our team is able to provide you with a holistic service with our lawyers, accountants and financial advisors working together to provide you with the most efficient and effective advice.