Wills & Estate Planning
Advantages of having a Will
A Will is an important legal document that conveys your final wishes and, importantly, how your estate is distributed in the event of your death.
If you die intestate, that is, without a valid legal Will, your estate will be distributed under the rules of intestacy rather than your wishes.
If no one is able or willing to act as your executor, the Public Trustee will do so. Having a well-drafted legal Will may lessen the chance of complications when you die.
Your Will ensures that:
What is the process of making a Will?
An effective Will must unambiguously describe your testamentary intentions. This can be difficult and depends on the complexity of what you to achieve, and the legal requirements can be difficult.
If your Will is not properly drafted or executed, its validity might be challenged. We specialise in Wills and Estates law and provide our clients with bespoke advice guiding you through the process, helping you ensure that your Will is drafted to ensure its validity and in consideration of any claims that might arise after death.
Before you book your appointment with us, you should consider the following:
We will discuss the above with you and then draft your Will.
A Will is an important legal document that conveys your final wishes and, importantly, how your estate is distributed in the event of your death.
If you die intestate, that is, without a valid legal Will, your estate will be distributed under the rules of intestacy rather than your wishes.
If no one is able or willing to act as your executor, the Public Trustee will do so. Having a well-drafted legal Will may lessen the chance of complications when you die.
Your Will ensures that:
- You decide who will receive your assets following your death.
- You can appoint an executor, someone you trust to be responsible for administering your estate according to your wishes.
- You can appoint a guardian for any minor children, set up trusts to assist your beneficiaries and minimise any tax that they might be required to pay after receiving their gift.
What is the process of making a Will?
An effective Will must unambiguously describe your testamentary intentions. This can be difficult and depends on the complexity of what you to achieve, and the legal requirements can be difficult.
If your Will is not properly drafted or executed, its validity might be challenged. We specialise in Wills and Estates law and provide our clients with bespoke advice guiding you through the process, helping you ensure that your Will is drafted to ensure its validity and in consideration of any claims that might arise after death.
Before you book your appointment with us, you should consider the following:
- What are your assets and liabilities? Your assets could include your home, other property, cars, life insurance policies, superannuation or art. Liabilities are your debts like a mortgage.
- How do you want to distribute these assets?
- Who do you wish to appoint as your executor/s?
- Who do you want to appoint as guardian/s of your minor children?
- Do you want to empower someone to make any personal, health or end of life decisions for you?
We will discuss the above with you and then draft your Will.
What does my executor do?
An executor is obliged to act in the best interests of the beneficiaries of the Will. They gather the assets, pay any liabilities and distribute the estate according to your wishes. The duties of an executor may include:
When should I update my Will?
It is important to keep your will up to date. Circumstances change, and so might your testamentary intentions. We recommend that you consider updating your will at least once every ten years. Some situations might prompt a review of your will:
An executor is obliged to act in the best interests of the beneficiaries of the Will. They gather the assets, pay any liabilities and distribute the estate according to your wishes. The duties of an executor may include:
- Organising a funeral;
- Applying to the Court for a Grant of Probate;
- Locating the original will;
- Ensuring that any property is properly insured;
- Identifying beneficiaries and confirming assets and liabilities of the estate;
- Closing any bank accounts;
- Calculating any tax implications and arranging tax returns accordingly;
- Liaising with the beneficiaries of the estate;
- Distributing the estate, making payment of any legacies and bequests;
- Maintaining any trusts in accordance with the Will or legislation; and
- Representing the estate in any litigation, for instance, if a family provision claim is made.
When should I update my Will?
It is important to keep your will up to date. Circumstances change, and so might your testamentary intentions. We recommend that you consider updating your will at least once every ten years. Some situations might prompt a review of your will:
- When you get married or divorced;
- When you have children or grandchildren;
- When there’s a significant change to your financial circumstances or any assets you hold (for example, when purchasing a home);
- When you sell or give away assets specifically mentioned in your Will; or
- There is a death of a beneficiary or executor.
Testamentary trust wills
Several people see significant benefit in preparing quite complicated Wills, including testamentary discretionary trusts. Trusts are an ownership structure or relationship whereby assets of the trust are held by a person or organisation, the trustee, for the benefit of another individual or organisation.
Effectively, this is the creation of trusts upon your death through your Will, controlled by a beneficiary or on behalf of a beneficiary. It can be created using specific assets, a portion of your estate or the residue of your estate.
It enables income splitting to occur, and the trustee has the discretion to distribute capital and income to a nominated beneficiary at any time and in any proportion. There may be taxation advantages. Obviously, the benefits of such trusts depend on the assets going into the trust and any income those assets produce.
There are also some implications for the protection of assets for beneficiaries in the event, for instance, where there is a relationship breakdown or bankruptcy.
We provide our clients with assistance in preparing discretionary testamentary trust wills, which, depending on the nature and value of the estate, may significantly reduce the tax payable by estate beneficiaries.
Effectively, this is the creation of trusts upon your death through your Will, controlled by a beneficiary or on behalf of a beneficiary. It can be created using specific assets, a portion of your estate or the residue of your estate.
It enables income splitting to occur, and the trustee has the discretion to distribute capital and income to a nominated beneficiary at any time and in any proportion. There may be taxation advantages. Obviously, the benefits of such trusts depend on the assets going into the trust and any income those assets produce.
There are also some implications for the protection of assets for beneficiaries in the event, for instance, where there is a relationship breakdown or bankruptcy.
We provide our clients with assistance in preparing discretionary testamentary trust wills, which, depending on the nature and value of the estate, may significantly reduce the tax payable by estate beneficiaries.