TRANSFER OF WEALTH THROUGH ESTATE PLANNING GIS Workshop - - PDF document

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TRANSFER OF WEALTH THROUGH ESTATE PLANNING

GIS – Workshop Presentation USP – 29 November 2016

Contents

• Transfer of Wealth;
• Estate Planning Tools;
• Deceased Estate Administration in Fiji;
• Issues in Estate Administration (Transfer of Property);
• Dealing with the effects of disaster as an Administrator;
• Conclusion.

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Transfer of Wealth

• Process of transferring wealth

into future generation;

• Wealth consists of various

assets – real property, life time savings, investments, family business etc;

• Upon death – its an estate;
• most of our cases it is asset rich

and cash poor;

• Generally property transfer is to

a “stranger” by second transfer;

Estate Planning Tools

• Power of Attorney;

appoint someone to manage your legal and financial affairs on your behalf due to illness and

• ther

incapacities, elderly. i.e. Dementia;

• Will;

A Will is a document that sets out your wishes for the distribution of your assets after you die.

• Joint Tenants;
• Update nominations/
• superannuation/insurance;

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Deceased Estate Administration in Fiji

• Estate are administered – Intestate & Testate;
• Administration Process
• Application for the legal authority (Probate/LA);
• Appointment of Executor/Administrator;
• Collate Assets & determine debts;
• Transfer of residue;
• Final distribution to beneficiaries;

** (Major Difference)

• Testate is administered in accordance with a Will;
• Intestate is administered in accordance with Succession,

Probate & Administration Act. (Laws of Fiji – Cap.60).

Issues in Estate Administration (Transfer of Property);

• Valuation of Property
• Valuation for Administration purpose;
• Determines administration value;
• Landownership for properties in Fiji
• Native Land;
• Crown Land;
• HA/MCF/Private leases;
• Freehold Land;
• Dealing with Statutory requirements
• Taxes, i.e. CGT/Stamp Duties/Clearance issues/Property due-

diligence

• Locating Beneficiaries/Family conflicts

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Dealing with Climate change and Natural Disaster as an Administrator Climate Change Coastal Erosion Dealing with Climate change and Natural Disaster as an Administrator

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Dealing with Climate change and Natural Disaster as an Administrator Dealing with Climate change and Natural Disaster as an Administrator

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Conclusion

• Importance of Estate planning to ensure that your wealth

is transferred to your loved ones;

• Efficiency in cost of managing an estate;
• Improve data gathering/better decision making;
• Inheritance are transferred to rightful beneficiaries.