TRANSFER OF WEALTH THROUGH ESTATE PLANNING GIS Workshop - PDF document

30/11/2016 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. 1

30/11/2016 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 other 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; 2

30/11/2016 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 3

30/11/2016 Dealing with Climate change and Natural Disaster as an Administrator Climate Change Coastal Erosion Dealing with Climate change and Natural Disaster as an Administrator 4

30/11/2016 Dealing with Climate change and Natural Disaster as an Administrator Dealing with Climate change and Natural Disaster as an Administrator 5

30/11/2016 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. 6