WILLS & ESTATES
WHEN SHOULD I MAKE A WILL?
Sometimes it takes a major disaster to jolt a person into the necessary preparation and preservation of their estate. An estate is simply the person’s worldly property, both real estate and other goods and may also include certain rights the person owns.
Do I have a valid will, is it up to date, and in the event of a fire or flood is the original will in a safe place?
Often people say ‘I am not about to die” or ”It’s too hard” as the reason for not making sure this part of their life is in order. Sometimes the decisions about what to put in a will are seen as too hard and are the reason making a will is delayed. Here professional help can help you solve your problem.
Believing that matters are simple often conceals the problems that may arise if you fail to make a will. Are you part of a blended family and do you want to ensure that your children and your step children are provided for? Who will run a family business after your death? What about superannuation, taxation of income for infant children, capital gains tax issues? Who will you choose to be executors or guardians? All these are big decisions in making a will or deciding it is time to review an existing will.
It is vastly less expensive to review your will every three years than when circumstances force you to do so. If you fail to make a will or keep one up to date and you die with an out of date will that does not deal with your current wishes, you will cause problems for those you leave behind.
We can assist you to overcome these issues and to have peace of mind. Once a will is made, we advise you to review it every 3 years to update it in the event that your circumstances have changed. For example, you may have bought additional property, sold a business, had more children or wish to include a trust for specific purposes in your will.
We can assist you to ensure that your wishes are honoured in the event that you are injured and cannot manage your own affairs for a while or into the future. We recommend that when you make a will you also make a power of attorney. You can specify who you want to make decisions on your behalf and what areas of your life that person can manage for you. For example, you may wish your spouse or partner to take medical decision on your behalf and a business partner or friend to manage your business or financial affairs in your absence.
You will need to tell us the full names of yourself, your executors and the guardians to be named of infant children. Choice of an executor will be based on their competence, their honesty and judgment, and the age they will be on the majority of your youngest beneficiary.
Call us today on 6257 9995 for advice about your will.