If you own property you should make a will. If you are married you should make a will. If you have children you should make a will. If you have a close partner you care for you should make a will. If you divorce or separate from a long term partner you should make change or update your will.
Simple Wills
A simple or relatively simple will for a married couple with minor children will look something like this:
- Appoint each other as your executor
- Leave everything to your partner, then in the case both die
- Appoint alternate executor(s)
- Leave everything to children upon age of 18, 21 or 25
- Nominate guardians for minors, and
- Allowance for some basic bequests of gifts of money or jewellery
This is the basic structure. Although simple, there’s needs to be serious thought given to the who will be the alternate executors and guardians of your minor children. If your children are young and you both die, your executors will be responsible for managing trusts for many years and your guardians will be charged with the care and upbringing of your children. Remember your guardians will be raising your children as they would their own. Clauses need to be added to the Will to allow your executors to be authorised to advance income and capital from the trust funds to provide for your childrens needs and education. By law only income can be spent, not capital. Also consideration needs to be given to the authorisation of giving loans to guardians from the children’s trust funds. Again this is not allowed by law, but your will can specifically allow this to occur.
If you would like to make a Will – fill out this form, enquiries welcome.
We will respond to you shortly and at this stage no fees apply.
Complex Wills and Estate Planning
Beyond the realm of simple wills there are complex wills in various degrees of relativity. Second marriages. Blended families. These scenarios whilst quite common create new levels of difficulty in drafting wills. There is providing for children or beneficiaries with disabilities: drug addiction; children with special needs; a son or daughter who is bankrupt. Or you have a child you have made considerable provision during your lifetime or a child you never see or have contact with.
Life would be simple if it was just you, your partner, 2 kids, a house, 2 cars and a savings account. Seemingly this is no longer the norm. Its now a house, a large mortgage, investment properties, discretionary family trusts, self managed super funds, life insurance, a business and a share portfolio and specific family considerations.
As part of our service to you, our work is to provide a comprehensive succession plan that covers assets owned personally and integrating your will with interests you may have in other entities such as family trusts, private companies and self managed superannuation fund (SMSF).
Making wills and estate planning covers:
- Preparing wills and incorporating testamentary trusts
- Advice on tax effective family and estate planning
- Advice on succession to trusts, family companies, partnerships and superannuation
- Asset protection advice
- Enduring powers of attorney
The first steps are:
- Complete the form below
- Making an appointment to discuss your wishes and review of relevant documentation
- Bringing with you the documents and information in the Wills and Estate Planning Checklist