Wills and Estate Planning
Estate Planning is the process of ensuring your assets pass as you wish and in the manner that will best look after your loved ones upon your death.
A Will is a central part of Estate Planning, but is not the whole of it. Assets such as superannuation, trusts and businesses often fall outside the scope of your Will and need to be considered as part of your overall Estate Planning strategy.
Our experienced team guides you through this process.
Why do I need a Will?
Having a Will in place gives you peace of mind. By making a Will you can:
- Control how and where your hard earned assets
are distributed after your death.
- Continue to look after your family after your death.
- Tailor your Will to meet the various needs of your family and friends.
- Save your family the legal hassles and expenses that can easily occur if you die without a Will.
- Control who is the Executor of your estate. Your executor handles the money in your estate and distributes it to the people named in the Will.
What happens to my assets if I don’t have a Will?
Your assets are distributed under government laws relating to Wills. This can often be a different distribution than you would choose.
You have no control over who becomes the Executor of your estate. Given this is a position with great responsibility, this is not ideal.
Do I need to update my Will?
You should review your Will every 3 to 5 years and you should update your Will if:
- You have married, separated or divorced since your last Will.
- You have children or further children since your last Will.
- Your executor dies or becomes unsuitable.
- One of your beneficiaries dies, becomes incapable, bankrupt or is party to litigation.
- Your financial circumstances change considerably.
Call us now to find out the costs involved in drafting a Will, or to make an appointment.
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Would you like the peace of mind of a Will prepared by a lawyer, but don’t have the time for lengthy meetings during the week? Our Wills Express service is perfect for you!
With superannuation being a major part of most people’s wealth, it is usually a surprise to learn that it doesn’t automatically pass according to your Will. The following article is a sadly perfect illustration of this, and why just doing a Will isn’t enough. Planning for superannuation by doing considered Binding Death Benefit Nominations is…Read More