Wills
Anyone who owns assets should have a valid Will.
It is your opportunity to leave a lasting and positive legacy for your loved ones, and charitable institutions.
Wills can be extremely easy to get wrong – saving a few hundred dollars now can cost your loved ones many thousands dealing with the consequences.
Your death would be distressing for your family. A badly drafted Will – or no Will – magnifies distress. Using a lawyer ensures that the instructions to your Executors and family members are clear, legally precise and less likely to cause expensive problems.
What does a Will do?
- appoints people to pay your debts and administer your Estate (assets) – Executor
- determines who will receive your assets – Beneficiaries
- determines who will look after minor (under 18 years) children who are orphaned by your death – Guardians
- appoints someone to care for Pets and provide for their maintenance – Pet Care Trusts
You may also want to consider including a Testamentary Trust in your Will. We can discuss their advantages and disadvantages.
Testamentary Trusts
Testamentary Trusts are simply trusts established within a Will. They have numerous benefits, mostly in relation to asset protection and tax minimisation. However, in this case the protection is not for yourself – it is for your beneficiaries – by protecting their inheritance from loss through divorce or bankruptcy, and provides excellent structures to provide for vulnerable beneficiaries. It is not only for ‘wealthy people’; and even a relatively modest inheritance can be managed using a Testamentary Trust an excellent multi-generational wealth structure. We can discuss whether one would be of any benefit to your beneficiaries circumstances.