WILLS

If you have assets in Australia and are over 18, you should have a will. It is important that you prepare a will while you are healthy and have the mental capacity to do so. 

A will allows you to set out in a legal document what you would like to happen to your assets and who will take charge of your estate when you die. Having a will ensures that your family’s needs are met according to your intentions, including setting out your wishes regarding the appointment of guardians for your children. 

You may want to consider giving your beneficiaries the ability to receive their inheritance in a testamentary trust under your will. There are significant potential tax advantages and asset protection benefits flowing from the use of testamentary trusts.

If you die without a valid will, the court will appoint an administrator for your estate. It can take months for this process to be completed and the process itself can be complicated. Also, your assets will be divided according to rules set out in legislation. These rules may not reflect what you want to happen.

 I can meet with you, discuss your wishes and prepare your will, taking into account:

• your goals and objectives;

• your personal circumstances;

• your family circumstances, included blended families and children from previous relationships and any potential changes that may occur over time;

• the circumstances (for example, age and occupation) and financial needs and vulnerabilities (disability, addiction or spendthrift) of your intended beneficiaries;

• any potential risks to the estate, such as family provision claims;

• the likely size of your estate, including any creditors and liabilities that will need to be dealt with;

• the assets that form part of your estate;

• the assets that do not form part of your estate, for example, jointly-owned assets, superannuation, life insurance, trust assets and assets owned by companies.