Estate Planning Advice
Around 50% of Australians are yet to organise a will.
Some don’t want to think about making ‘end of life’ decisions. Others feel they don’t have enough assets to justify having a will.
Most simply “haven’t got around to it yet”.
Don’t leave it too late to plan your estate!
Having a will can be one of the most important ways of legally protecting your family and your assets when you die – and making sure your wishes are fulfilled.
Having an up-to-date will is especially important if your affairs are complex or if there’s a fair bit of money involved. You should also consider changing your will should your life circumstances change – after a divorce, if you remarry or when you have children.
8 reasons you should have a will.
- You decide how your estate will be distributed. Without a will, the process of resolving what to do with your assets can be complicated – and your wishes cannot be guaranteed.
- You can decide who looks after your children should something happen to you.
- Your will can smooth out and speed-up the otherwise complicated probate process.
- It helps minimise the tax on your estate.
- You get to appoint the executors you can trust to administer your will as you wish.
- You can be specific about what you want to leave and to whom.
- You can choose to leave some of your accumulated wealth to your favourite charity (which also helps with the amount of estate tax to be paid).
- Having a will generally avoids arguments amongst family and other beneficiaries – which can lead to further legal challenges and cause a lot of heartache.
When drafting your legally binding will, you’ll need a lawyer you can trust. We regularly work with qualified lawyers who can help with your estate planning.
In addition to preparing your will, our estate planning experts can also organise other important legal documents such as an enduring power of attorney, the appointment of an enduring guardian and a binding death nomination.
Case Study
Rachel & Helen
Rachel and her mother Helen needed advice. Their father/husband had passed away a few years ago, but the family financial assets – including many properties – were frozen by the NSW Trustee. This was because he had passed away intestate – without a will.
The Challenge
Rachel and Helen needed specialist estate planning advice to develop a financial plan so that the NSW Trustee would release their loved one’s assets. They also needed a holistic financial plan going forward as none of the properties were currently saleable or rentable as they had become run down.
Our Recommendations
After discussing their situation, we recommended a specialist estate planning lawyer that was able to progress the matter with the NSW Trustee. We contacted the NSW Trustee and provided a comprehensive financial plan for the release of the assets. We also developed a plan to allow for the sale of some of the properties. This freed-up cash to renovate the remaining property assets, keep aside enough to keep them maintained and to create a more diversified portfolio for Rachel and Helen to manage. We also arranged for the payment of the income from the properties to go to Rachel and Helen every month.
The Result
Rachel and Helen were relieved that after years of frustration, their estate woes were solved and their finances were in excellent shape with good capital growth prospects and monthly income.