At S+P Lawyers we have come to recognise that Estate Planning if not just ensuring that you have a Will. Estate Planning is establishing a plan to ensure that when you pass away the people you care most about are properly looked after.
Does the Will you currently have cover these common situations?:-
- One or more of your beneficiaries becomes bankrupt?
- One or more of your beneficiaries becomes separated or divorced?
- One or more of your beneficiaries is under a disability and cannot manage their own affairs?
- One or more of your beneficiaries is not good at handling money and makes poor financial decisions?
- Does your Will ensure that the benefit of assets such as superannuation is taken into account to ensure that all beneficiaries receive an equal share of your estate?
- What happens if your named Executor dies before you? Do you have an alternate person named?
If your current Will does not cover these situations then you may end up with very unhappy beneficiaries. A standard Will is also unlikely to provide the most tax effective result for your estate and/or your beneficiaries. A proper estate plan can save your estate and beneficiaries thousands of dollars.
There are some assets which cannot be dealt with under a Will. These include assets owned by a Partnership, a Trust in which you are the primary beneficiary, a private Company in which you hold the controlling shares, the proceeds of Superannuation or any property you hold as a Joint Tenant.
Have you considered what will happen to such assets, and who will get the controlling interest of any Trusts, or Companies?
If you are in business, do you have a business succession plan in place? How is your interest in the business to be dealt with should you die? Are there adequate arrangements in place to ensure that your interest in the business goes to your beneficiaries in a timely fashion?
Please feel free to contact us to discuss your estate planning needs.