Digital Asset Directions to Accompany your Will / Estate Plan

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What are Digital Asset Directions?

Digital Asset Directions form part of your overall Digital Legacy Plan and list the following:

💡 Current Digital Assets (incl. current passwords, and authentication protocols); together with your

💡 Instructions regarding how to access them; and

💡 Directions regarding what you want done with them (that is, close the account, memorialise the account, make a final social media post stating … etc.).

Please note: You can update your Digital Asset Directions at anytime, by simply dating + personally signing a revised list/direction (no witnesses required).

Specifically Designed to work alongside our Wills

All of our Wills include the following self-explanatory clause which is designed to create maximum flexibility and reduce the need to create and formally re-execute updated Wills:

Digital Assets

I direct the Executor to deal with my Digital Assets in accordance with the instructions set out in the last dated list or memorandum signed by me and stored with this Will or amongst my private papers (if any).

Upgrading to our Smarter Digital Legacy Plan

For Digital Natives who have known digital all their lives and willingly embrace all digital opportunities at work or play, as well as for the rest of us, the way to take full control of your Digital Legacy is by upgrading to our Smarter Digital Legacy Plan (Self-Service is currently under Development).

As part of our upgrade package [$55 for Members; or pay Lifetime Access Fee $700] in order to create your Smarter Digital Legacy Plan you will be provided with unlimited ongoing access to your own Digital Safe Custody Vault.

Your Digital Safe Custody Vault

Your Digital Safe Custody Vault is a purpose-built secure military-grade encrypted platform designed to enable you to upload, store, manage + automatically distribute your Digital Assets +/or instructions regarding how to access them to your Executor/Digital Steward/Trustee/Confidants.

You can even pre-curate your very own "Museum of Me" which will only include what you want to leave in your Digital Legacy.

Curate your Digital Legacy at your Convenience

✅ We layout the tasks we recommend you complete to create / update your Smarter Digital Legacy Plan.

✅ You complete the tasks at your own pace whenever is convenient for you 24/7;

✅ You will be prompted to make sure everything gets done in a timely manner by automated reminders.

Read our Digital Safe Custody Vault FAQ's for more detailed information.

Contact our legal team to learn more.

The Importance of Fraud + Litigation Prevention Technology

We strongly recommend you instruct us to ensure your key Estate Planning documents are digitally preserved for future authentication using ➲ 💡 Trax Print Fraud + Litigation Prevention Technology [Cost $22 per document].

Taking this proactive step helps prevent fraud + reduces the potential for litigation over your estate for both your physical + Digital Assets.

Contact our legal team to learn more.

Resources:

➲ Free curated list of related websites + resources see our Digital Legacy ➲ Smartlist.

➲ Free Online Course - "Your Online Legacy: Social Media After You Die" by Steve Dotto

Social Sharing Image: Courtesy of Tim Evans on Unsplash

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Positive: Professionalism, Responsiveness. I'm one of those nightmare clients that know enough about the law to get themselves into trouble. The restraint and patience that they showed throughout the process; taking the time to explain things I overlooked or didn't understand is one of the best parts of the experience.

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The self serve resources on the website that they offer also gave me a chance to do a bit of my own research and calm my nerves at 3am. The free legal health check was great! There`s a lot of things in my business that I didn`t realize needed attention. Saved me a bit of cash having to consult a commercial lawyer asking basic questions.

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Blue Ocean Law Group ➲ Best Law Firms in Sydney [2020 + 2021]

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What are the benefits of purchasing legal documents directly from Blue Ocean Law Group?

The majority of online Australian Legal Document providers are not law firms!

Whilst it is acknowledged that the legal document templates provided by the majority of [non law-firm] Australian legal document providers will generally have been prepared by lawyers and that the templates they sell are updated from time to time as required by legislative changes.

This does not change the fact that you are not dealing directly with a law firm.

In order to understand what this means from a practical perspective you need to ask the following questions …

What happens?

🧩 If and when you have a legal question?

🧩 If the other party wants to negotiate amendments to the legal document?

🧩 If the legal document does not meet all of the requirements of your specific facts and circumstances?

🧩 If there is a mistake in the legal document?

Lastly, what happens if you are not directly involved in the creation of the legal document?

🧩 What if your accountant, tax agent or financial advisor uses a [non-law firm] online legal document service on your behalf?

To help you answer this question, please read our FAQ: If I create a legal document for my client on your law firm’s website am I giving legal advice or am I a "mere scribe"?

General Answer

A general answer is that online [non-law firm] Australian Legal Document providers are unable to assist clients directly, as they are unable to provide legal advice.

Certain [non-law firm] providers have adopted a business model whereby they earn a substantial ongoing 12 months+ plus referral fee for directing a client to a large directory of law firms who can assist.

This referral fee is charged to the law firm, who may decide to expense it as a marketing cost.

We submit that one way or another, it is ultimately the client who pays for the cost of the referral fee as it increases the cost of doing business for the law firm providing the service to them.

Feedback obtained directly from businesses who have used certain [non-law firm] online services

The valuable feedback we have  obtained is that:

❌ The quality of the online legal documents are basic, non-adaptive templates; such that

❌ The client is more often than not, required to seek assistance from a law firm in order to ensure their legal requirements are met.

As lawyers are required to undertake client interviews and make manual amendments to the legal documents, the final cost ends up much higher than the client could have anticipated, especially when the original online legal document was given away for free or at a nominal cost.

These kinds of business models may not rise to the level of bait & switch, however they may be found to constitute misleading and deceptive conduct.

In our submission, clients appear to be lead to believe that in the majority of cases they will be able to use the standard online documents without the need to engage a law firm to assist, when in actual fact this is not the case.

What are the benefits of purchasing legal documents directly from Blue Ocean Law Group?

When you purchase online legal documents directly from us, we have every incentive to ensure the quality of the online legal documents provided are as high as possible, and that you have all your questions answered.

List of Benefits:

✅ Our law firm already has a copy of your online responses so we can assist quickly and cost effectively.

✅ 1-stop shop. There is no need to wade through a directory of different law firms each time.

✅ Professional Indemnity Insurance (when you engage us for legal advice);

✅ Higher quality automatically tailored legal documents using Embedded Lawyer-Logic;

✅ Deal directly with a law firm, no need for middlemen;

✅ No referral fees built into the business model;

✅ Lower overall legal costs;

✅ Legal document delivered directly from our .law web domain so you know we created the legal document;

✅ Legal Professional Privilege; and

✅ Enhanced Confidentiality.

✅ Blue Ocean Law Group are the only Australian law firm providing you with the option to create Legal Documents online using ⚖️ [Self-Service] and/or [Lawyer-Assisted].

Credits:

This FAQ was created by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

This FAQ is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.

What is a Free Legal Health Check and why is this the best place to start?

What is a Free Legal Health Check? ✅

Our Legal Health Check is a process that helps you identify + prioritise your individual + business (if relevant) legal needs.

How does it work?

1️⃣ Complete our Intelligent Questionnaire:

You will be asked to provide information about your personal and/or business circumstances;

2️⃣ Automated Report:

The process uses inbuilt Embedded Lawyer-Logic™ to help you identify key legal risks + concerns and prioritise solutions.

A customised (jargon-free) report is generated in plain english with actionable recommendations.

3️⃣ Deliver Solutions:

You can then consider the information in your own time, and when convenient, select the most appropriate self-service legal documents from our online 24/7 portal or reach out to our legal team to discuss your options in more detail.

What does it cover?

🧩 Estate planning;

🧩 Marriage and de facto relationships;

🧩 Tax structuring;

🧩 Dispute avoidance/resolution;

🧩 Investment properties;

🧩 Business sale/purchase;

🧩 Business financing;

🧩 Co-ownership arrangements;

🧩 Managing staff;

🧩 Commercial terms;

🧩 Websites and intellectual property;

🧩 Regulatory compliance.

Why go through this process?

This is an amazing way to quickly + proactively identify legal risks + opportunities to get your legal affairs in order!

Achieve Zen-like “peace of mind” knowing your legal affairs are in order

Our Buccaneer Package is designed for individuals + includes our constantly expanding library of [Self-Service] personal legal documents.

It is compelling value with pricing at less than $1 per day which entitles you to access heavily discounted [members only] prices.

You could save thousands $$$ on your legal bills!

Our Yachtsman Package designed for business owners includes our constantly expanding library of [Self-Service] personal + business legal documents.

It is compelling value with pricing at circa $3.50 per day [equivalent to the price of a cup of tea or coffee!] which entitles you to access heavily discounted [members only] prices.

You could save thousands $$$ on your personal + business legal spend!

Credits:

This FAQ was written by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

More than 1000+ Australian Lawyers use Embedded Lawyer-Logic. How does it work?

More than 1000+ Australian lawyers use this industry leading automated legal document generation solution. It uses Embedded Lawyer-Logic™ designed by leading lawyers in their respective fields.

Step 1️⃣: Information Gathering

Our intelligent online questionnaire adapts to your answers and only asks relevant questions.

Simply follow the guidance and enter the requested information about your matter.

Step 2️⃣: Document Assembly

The information is then sent to our back-end legal document generation engine, which follows a matrix of algorithms to make decisions about what should be in your legal document, just as an expert human lawyer would do.

The engine then draws from an enormous body of content to assemble a top-tier quality legal document that’s tailored to your situation + requirements.

Our Embedded Lawyer-Logic™ technology includes numerous quality control checks + automatic error-correction, massively reducing the risk of human error.

Step 3️⃣: Document Delivery

The finished document is then emailed to you in PDF format, ready to print and sign.

Optional: Lawyer Review/Assistance

Your answers to the online questionnaire and a copy of the finished document in both Word + PDF formats are automatically forwarded to our legal team.

If we notice anything out of-the-ordinary we will contact you to discuss.

If you are a subscribed member or opt for paid Lawyer-Assistance, we will use the allocated time to assist to clarify and resolve any questions you may have.

Optional: Full Service

If your matter is complex, high risk or you have never been involved in legal matters before, we highly recommend you opt for our Full Service.

Our legal team will contact you and assist you throughout the entire process.

If you are a subscribed member the cost for the time spent by our legal team to assist you is heavily discounted.

Credits:

This FAQ was written by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

When should I reach out to speak to your legal team?

Our [Self-Service] legal documents are designed to be completed "without the intervention of a lawyer".

This approach will be appropriate for the majority of routine legal matters, where you are experienced and have learnt what needs to be considered and have gained experience in using our 24/7 online document portal to generate your legal documents instantly.

Some routine matters maybe totally new to you (meaning that you will have questions and we recommend you select our [Lawyer-Assisted] service).

Other matters maybe unusually complex, or of such high-value or risk that involving our legal team is the prudent course to take.

For these matters we recommend you select our [Full Service] option.

Credits:

This FAQ was written by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Is the Legal Documents Portal Secure? Does it use encryption to protect my personal information?

Our website + back-end system use the best possible web-based security available.

It was once said:

It would take the combined processing power of every computer in the world thousands of years to crack 4096-bit encryption.

In a more general context (outside of encrypted secure website traffic/data) it has also been said:

Data with 4096-bit encryption (only protected by a password) could still be compromised within seconds.
How? Human error.
Easy pass-phrase, written down password, re-used password... etc. basically, always be on the lookout for the weakest link.
Trust the technology, but never trust the weak link - the user!

Credits:

This FAQ was written by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

What extras does an upgrade to Lawyer-Assisted Service include?

Your upgrade to our [Lawyer-Assisted] Service includes …

⚖️ Professional Indemnity (Limited Liability) by a scheme approved under Professional Standards Legislation;

⚖️ Access to Professional Fee Funding* / Disbursement Fee Funding / Family Law Funding (subject to approval by QuickFee our external legal finance provider);

✅ Allocated Time included to understand your circumstances + objectives, answer your queries + provide legal advice & make recommendations regarding alternative/additional options; and

✅ Create your standardised Legal Document based on your instructions.

Plus [+] Where Appropriate (at no additional charge)

⚖️ Use of proprietary fonts to maximise fraud prevention;

⚖️ Use of our Law Firm Letterhead;

➲  Send your Legal Document for electronic signature/s using AdobeSign; and/or

🔒 Application of TraxPrint Fraud + Litigation Prevention Technology.

* More Information about Professional Fee Funding:

Our firm has partnered with QuickFee and Splitit to provide you with an interest free payment option. While we remain your service provider, the payment method is provided by QuickFee, a specialist payments provider for professional firms.

Credits:

This FAQ was written by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Why does Blue Ocean Law Group℠ use a *.law website domain?

What is a *.law web domain?

⚖️ *.law is a top-level-domain (TLD) that aims to:

Promote trust in the professional legal community by creating a:

✅ Verified;

✅ Exclusive; and

✅ Reserved online space in which only accredited lawyers and law firms can establish a comprehensive digital brand.

✅ Website users can have confidence they are dealing with an authorised and licensed lawyer/law firm.

✅ *.law offers effective branding to those in the legal community, with the ability to secure a domain name that clearly communicates who you are + the legal resources you provide.

All about *.law domain names

Source: join.law - Why *.law?

If I create a legal document for my client on your law firm’s website am I giving legal advice or am I a "mere scribe"?

Is your role that of a mere scribe?

If your role is merely that of a "scribe or scrivener" as outlined below it is unlikely you would be deemed to be providing legal advice or engaging in the practice of law.

Caution: Some Online Legal Documents have evolved!

Unfortunately this is not as easy as it once was … when online legal document templates were all static "fill in the blanks" one-size-fits-all templates.

Increasingly, the capabilities + complexities of legal document automation have evolved to cater to an ever widening range of facts and conditions.

Using the complex design + incorporation of what we call Embedded-Lawyer Logic it is no longer possible to avoid the automated tailoring of the online legal document to suit the client's circumstances + legal needs.

They are designed to produce a quality bespoke legal document just like a lawyer does.

The use of Embedded-Lawyer-Logic™ in the online process:

✅ Is now very similar to a client being interviewed by a lawyer;

✅ It drills down to ask the same questions and provide the same options a highly experienced + competent lawyer is required to do.

As a result the draft legal document created now has the potential to vary significantly based on the responses provided by the client.

We have now progressed to the point that the new normal online process is designed to cause your role to fall outside of the role of a "scribe or scrivener" alluded to below.

In the leading case on this issue Legal Practice Board v Computer Accounting and Tax Pty Ltd [2007] WASC 184; 35 WAR 59 (Simmonds J) noted at para. [152] that Brinsden J in Barristers Board v Palm Management Pty Ltd [1984] WAR 101 referred to Re Matthews (1938) 79 P 2d 535, apparently with approval, as follows at para. [108]*:

The court went on to say that where an instrument is to be shaped from a mass of facts and conditions, the legal effect of which must be carefully determined by a mind trained in the existing law in order to ensure a specific result and to guard against others, more than the knowledge of the layman is required and a charge for such services brings it definitely within the term 'practice of the law' [emphasis added].

How to limit your role to that of a "scribe or scrivener"?

Therefore, we strongly recommend that you advise your client to either:

✅ Create the draft legal document themselves + ensure independent legal advice is sought from our legal team prior to negotiation and execution; or

✅ Instruct you to create the legal documents using our Lawyer-Assisted option.

Doing this ensures your role is clearly limited to that of a "scribe or scrivener".

Our legal team will then take the responsibility for reviewing your client's individual circumstances together with the draft legal document in order to provide your client with the relevant legal advice, ensure your client understands their legal position and options, and to propose and make any required amendments to the legal document based on your client's instructions.

What is a "mere scribe or scrivener"?

In Legal Practice Board v Computer Accounting and Tax Pty Ltd [supra]*:

… the court held that work of the mere clerical kind, such as filling out of skeletal blanks or drawing instruments of generally recognised and stereotype forms effectuating the conveyance or encumbrance of property, such as a simple deed or mortgage not involving the determination of the legal effect of special facts and conditions, should be generally regarded as the legitimate right of any layman because it involves nothing more or less than the clerical operations of the now almost obsolete scrivener (emphasis added).
(The scrivener was eliminated in England by the 1804 Act.).

The view of the Institute of Chartered Accountants in Australia ... ^

Timely reminder

The 2007 case of the Legal Practice Board v. Computer Accounting and Tax Pty Ltd* serves as a timely reminder to members that there are legislative provisions in each state and territory which prohibit a person who is not a legal practitioner from engaging in legal practice.
This prohibition is mirrored in the Institute’s regulations relating to public practice (regulation 1207).
However, there are differences between the jurisdictions as to how the prohibition is framed.  

Even so, members who use the services of document providers are urged, as a minimum, to:
✅ Use only reputable document providers whose services are backed by competent legal practitioners;
✅ Ensure that they abide by the terms and conditions of the document providers as to the use of the documents and their supply to clients; and
✅ Avoid redrafting of documents to suit the circumstances of individual clients, unless appropriate legal advice is obtained by the relevant parties.

Seek legal advice

The Institute believes that the recent WA case does not require any change to a member's legitimate use of this type of service in accordance with their terms and conditions.
However, if you have any concerns or queries about the use of document providers, you should seek legal advice.

Sources:

* Legal Practice Board v Computer Accounting and Tax Pty Ltd [2007] WASC 184;

^ Extracted from the article: Court case raises issues about preparation of legal documents.

Credits:

This FAQ was created by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

This FAQ is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.

Where can I safely store my Original Australian Will + Power of Attorney documents in Safe Custody?

Physical Safe Custody Storage Facilities

Australia-wide Facilities

🔒 Commonwealth Bank

Safe Custody Envelope

If you have important documents – like a Will or Power of Attorney – you don’t want to leave lying around the house, the CBA's Safe Custody envelopes let you store these documents safely and securely at one of CBA's branches.

You can access your documents at any time during bank hours.

How much does it cost?

The annual fee for keeping your items in Safe Custody envelopes and/or boxes at a CBA branch is as follows:

🗄 Standard envelope supplied by the Bank - $88 p.a.* per lodgement

🗄 Non-standard envelopes - $198 p.a.* per lodgement

💰 Safe Custody box  - $198 p.a.* per lodgement

State/Territory Specific Solutions

ACT

🔒 A.C.T Supreme Court
[$125 deposit, $46 withdraw. Prices effective as at 1 August 2020];

NSW

🔒 NSW Trustee + Guardian
[$29 one-time fee for a single document; $49 one-time fee for multiple documents. Prices current as at 19 November 2020].

🔒 Custodian Vaults [Sydney, NSW]

"Legal documents take a considerable amount of effort to draw up, execute and are a costly and sometimes irreplaceable.
Items like deeds, wills, and other legal documents are best stored out of the home and in a secure centralised storage facility. These items are not necessarily best stored in the home safe and in almost all cases best kept offsite.
Custodian vaults offers vaults from $25 per month that will store not only a large quantity of legal paperwork but other personal effects like passports, jewellery and bullion.
Custodian Vaults will offer complimentary insurance up to $10,000 and a nominal amount thereafter. Our insurance is underwritten by Lloyds of London, and is significantly cheaper than any level of house and contents insurance, providing peace of mind as well as in some cases necessary compliance."

 🔒 ARA Security - Safe Custody [Western Sydney, NSW]

ARA Vaults are experts in the secure storage of a highly valuable possessions, such as gold and silver bullion, heirlooms, important documents and data, cryptocurrency (such as Bitcoin) and jewellery.

They provide a range of different Safety Deposit Boxes and Bullion Safes to suit your storage requirements and they offer free unlimited access to your Safety Deposit Box or Bullion Safe at their private, state-of-the-art vault facility in Western Sydney.

Their vault is equipped with highly secure technology and infrastructure, including Iris Biometric identification, to offer world-class security for your most valuable assets, investments and possessions.

NT

🔒 N.T. Public Trustee
[“You can store your Will for free at the Public Trustee office in a specially maintained vault.”];

Victoria

🔒 The Victorian Will + Power of Attorney Registry
[Anyone in Victoria can register information about where they keep their Will + Power of Attorney documents at no charge. There is also the option to physically store originals for free];

WA

🔒 W.A. Will Bank
[Free service operated by the WA Public Trustee];

Queensland

🔒 Reserve Vault [Brisbane, Queensland]

"Secure Document Wallet: Secure document storage held in individual A4 sealed Document Wallet in one of our fire resistance drawer safes. Only $99/year!

🔒 Private Vaults Australia [Redcliffe, Queensland]

Private Vaults Australia chooses  single-use bags manufactured from an opaque COEX material and utilise a high security tamper evident tape (resistant to temperature, moisture, and solvent-based tampering).

The non-see-through nature of the material provides complete privacy making them very discreet.

The bags have writable surfaces and printed with unique serial numbers and have a corresponding barcode for convenience.

Document Storage

SCEC Approved

Features            

  • Serial numbered
  • Entire surface capable of being written on with most markers and pens
  • Tear-off receipt for record keeping
  • Gold level security tape is resistant to temperature, moisture, and solvent-based tampering
  • Material – Polyethylene (PE) plastic
  • Security Closure – X-Safe Level 2
SA + Tasmania

For S.A. + Tasmania
[Contact Us].

Credits:

This FAQ was prepared by Suk Jae Chung | Practical Legal Training (PLT) Placement, Blue Ocean Law Group℠.

Important Notice:

This FAQ is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.

Why do you need a Digital Legacy Plan?

What is a Digital Legacy?

The following definition of Digital Legacy has been extracted from the book * Digital Legacy Plan: A Guide to the Personal and Practical Elements of Your Digital Life

A legacy is anything — material, emotional or digital — that leaves a lasting effect after we pass on.
Many think of this in terms of the material goods typically described in a last Will such as your house, your car, your jewelry, etc.
It's also familiar to think about the emotional legacy we leave in the people who survive us — children, friends, colleagues.
Your legacy is also reflected in your body of work, or the impact you have had on the world around you.
What will you be remembered for?
Digital Legacy is a modern extension of what we leave behind when we pass on.

Why do you need a Digital Legacy Plan?

For entrepreneurs, artists, and other professionals

🧩 Ease of business transition and succession;

🧩 Continuity of important or confidential client or corporate work;

🧩 Transfer of hard-earned social proof and follower trust;

🧩 Preservation of personal or professional reputation;

🧩 Protection of intellectual and creative property;

🧩 Strategy for online revenues or valued marketing and sales system.

For you personally

🤔 You are empowered to determine for yourself your Digital Legacy;

🧬 Think of what you want to see in your Museum of Me.

Resources:

➲ Free curated list of related websites + resources see our Digital Legacy ➲ Smartlist.

➲ Digital Legacy Plan: A Guide to the Personal and Practical Elements of Your Digital Life before You Die by Angela Crocker and Vicki McLeod [2019].

Credits:

This FAQ was created by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

This FAQ is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.

Why everyone should upgrade to a Smarter Will incl. a Testamentary Trust?

Our Smarter Will provides Maximum Flexibility + Asset Protection + Tax Minimisation

In order to properly consider the reasons why everyone should upgrade to a Smarter Will, we recommend you download + study in detail our Free PDF Explainer Guide

Why Everyone should Upgrade to a Smarter Will?

We offer a range of Smarter Wills to meet your requirements:

⚖️ Smarter Will incl. Testamentary Trust;

⚖️ Smarter Express Will ➲ All to children incl. Testamentary Trust;

⚖️ Smarter Express ➲ Mirror Wills for couples incl. Testamentary Trusts; or

⚖️ Inheritance Deed ➲ Irrevocable Mutual Smarter Mirror Wills for Couples incl. Testamentary Trusts.

The days of the “simple” will are over!

Don’t make the mistake of thinking that old-style Wills keep things simple – they can easily lead to complexity and disputes as they aren’t drafted to properly protect beneficiary entitlements and avoid unnecessary taxes.

Our Smarter Will incl. a Testamentary Trust is a cutting-edge document.

Meticulously designed in consultation with leading Australian estate planning experts to provide maximum flexibility and asset protection + tax minimisation.

Here's how it works:

1️⃣ Discretionary testamentary trusts, rights of occupancy and other trust structures that are aimed at giving your executors every possible opportunity to minimise income tax, capital gains tax (CGT) and other tax leakage;

2️⃣ Beneficiary support trusts/special disability trusts that are designed to preserve Centrelink welfare entitlements;

3️⃣ Flexible child guardianship arrangements to ensure as far as possible that your child guardianship wishes are implemented;

4️⃣ Pass control of Family/Discretionary Trusts and SMSF's; and

5️⃣ Flexible mechanics for allocating and distributing your estate assets.

Cleverly designed to minimise the potential for:

➲ Family provision claims; and/or

➲ Disputes among the beneficiaries.

Potential for massive tax savings ➲ example:

Assuming an income of $72K earned from estate assets (eg, rent from an investment property, dividends from shares, etc.) to a surviving spouse who’s total taxable income is $180K, but who has 4 minor children.

If the distribution is paid directly to the spouse under a normal will, [at the time this example was prepared] tax on the distribution was calculated to be $32,400 – HOWEVER, if the distribution is split equally [possible as a result of the Testamentary Trust] between the children, no tax will be payable!

Tax saved in this example: $32,400 … year after year after year.

A lot of care has been taken in drafting your smarter will

Your Smarter Will has been meticulously designed in consultation with leading Australian estate planning experts to allow you to:

1️⃣  Reduce the need to update your Will for minor changes; and

2️⃣  Greatly assist your Executor in administering your Estate.

Your Smarter Will refers to the following separate lists/directions which importantly DO NOT form part of your Wills!

➲ List of Allocation of Personal Chattels;

➲ Digital Assets (incl. current passwords, and authentication protocols); and

➲ Funeral Directions.

This means that you can update any of the above, at any time, by simply dating + personally signing a revised list/direction (no witnesses required).

NSW: circumventing potential civil liabilities

All Testamentary Trust Deeds contain broad definitions of eligible beneficiaries in order to provide as much flexibility as possible for Trust Distributions.

Long-lost siblings, uncles, aunts, nephews or even kids born or who may be residing offshore as part of their professional or lifestyle pursuits could be or become foreign persons + trigger the need for compliance with recent NSW legislation.

Failure to mitigate this risk by ensuring the Trust Deed irrevocably prevents trust distributions to foreign persons creates a situation where:

➲ If the Testamentary Trust acquires or leases NSW Residential Land (freehold or leasehold, vacant or with a dwelling incl. strata) it could potentially be liable to pay the 8% NSW Purchaser Duty + 2% Land Tax Surcharge.

Your smarter will provides a solution

Your Testamentary Trust can be setup to either:

1️⃣  Revocably prevent any trust distributions to any foreign person; This option retains flexibility for the Trusts to reverse its position at some point in the future to allow distributions to foreign persons; or

2️⃣  Irrevocably prevent any trust distributions to any foreign person. This option is highly recommended if your Trusts plan on purchasing or leasing residential property in NSW.

Please contact our legal team if you need clarification or assistance with this complex decision.

Credits:

This FAQ was created by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

This FAQ is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.

Why use your Digital Safe Custody Vault to create + update my Smarter Digital Legacy Plan?

Why it is time for a Smarter Digital Legacy Plan?

✅ A simple and highly secure way to manage, assign + leave your Digital Assets together with your instructions;

✅ Items such as passwords, cryptocurrency, messages, important legal documents, your "Museum of Me" + more;

✅ At every stage, we have designed the process to ensure that no data can be accidentally exposed;

✅ Intelligent permissions management: Our legal team will only see data we collaborate on together, or data you want us to see;

✅ Select who amongst your nominated Executor/s, Digital Steward + Confidants can see your Digital Assets now, and/or after you pass away;

✅ Friendly interface; and

✅ Collaborate with us on sensitive matters with ease.

How Does it Work?

No More Envelopes.
No More Spreadsheets.

Until now people have only had a few choices to safeguard + update their Digital Assets.

They could write down all their secrets and passwords on a spreadsheet or on a piece of paper, put a copy in an envelope and simply stick them in the sock draw – or pay for a safe custody lockbox at a bank, and made the laborious trip there every few years to ensure the details were kept as current as possible.

The problem is that others could stumble upon the details, the hard drive could corrupt, the house could burn down, the key to the safe custody lockbox could be lost, and/or due to the difficulty in updating the information it is now out-of-date!

Our Digital Safe Custody Vault is safer, cheaper, more secure + easier to update anytime 24/7.

✅ All data is triple-encrypted, meaning only you can see it - we can't see your data unless you grant permission!

✅ An easy-to-use app means updating passwords or files is simple.

social engineering + independent verification + our legal team ✅ = secure release

Before your Digital Assets are released according to your instructions, unanimous consensus is required from all persons you nominate as your trusted confidants + Blue Ocean Law Group℠ that you have passed away, as well as an independent analysis of your last login time, devices used and other activity data.

✅ Easy + quick administration with zero chance of important information, such as the location of your current original Will (as well as locating digital copies for added fraud prevention) being unable to be determined/found by your Executor/Digital Steward.

Create + Update your Smarter Digital Legacy Plan at your convenience

✅ We layout the tasks we recommend you complete to create / update your Smarter Digital Legacy Plan.

✅ You complete the tasks at your own pace whenever is convenient for you 24/7;

✅ You will be prompted to make sure everything gets done in a timely manner by automated reminders.

Credits:

This FAQ was created by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

This FAQ is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.

How secure is Blue Ocean Law Group's Digital Safe Custody Vault?

Our Digital Safe Custody Vault is Built like Fort Knox!

In a word it is "Bullet-Proof", or in another word "Unhackable"!

We use end-to-end military-grade encryption, enforce two-factor authentication, and use social engineering + legal proof prior to triggering release of your Digital Assets.

Our Digital Safe Custody Vault was built by experts who are using it themselves to protect + safeguard their own Digital Assets.

3-levels of encryption to store + read your data

1️⃣ Encryption of all your Digital Assets using your own unique key

Each client has their own unique key created when they sign up – this encryption key is used to encrypt their Digital Assets.

Only your unique encryption key can read or write data for you.

2️⃣ Encryption of your Digital Assets again with an application level key

Once the data enters your account, it is then encrypted again with our Blue Ocean Law Group℠ encryption key.

This means one would now need both your unique user key and our application key to read your data.

3️⃣ Encryption of the stored Digital Assets again with a database key

Once your encrypted data is stored, we encrypt it a third time using a database key.

This effectively puts the key to the Digital Safe Custody Vault – inside the vault.

Mandatory two-factor authentication

Helping You Protect Yourself

At a certain point, cyber security boils down to individuals also embracing safe practices.

While a lot of businesses make these optional – we do not.

✅ We enforce Two-Factor Authentication (which means merely having your username and password is not enough to gain access to your account); and

✅ Routinely check your data against historic 3rd party data breaches and hacks.

✅ We don’t force you to change your password every 6 months, but we do ask you to verify each time a new device is used to log in to your account.

Credits:

This FAQ was created by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

This FAQ is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.