We provide anyone who contacts us with a no-cost, no-obligation estate planning review. No matter what your age or stage of life, or how much you have in the way of assets, it’s important to have an estate plan in place.
Why a Will is So Important
Of course, a key part of any good estate plan is ensuring you have an up-to-date and legal Will, which ensures your wishes concerning how your property is divided after you are no longer alive are clearly expressed. If you die without leaving a legal Will, your property is likely to be distributed according to a fixed government formula which may not match your wishes. If you have a Will, but your situation and wishes have changed, it is time to make a new Will.
There are many things to consider in making a Will. For example, are you worried about what may happen to the gifts to some of your beneficiaries? For example, if there a possibility one of them may go bankrupt, or there may be family law proceedings, you may want to consider protecting the assets through testamentary trusts.
You can also specify when a beneficiary receives a gift, such as when they reach a certain age.
Sometimes clients want to ‘disinherit’ someone for a variety of reasons; this presents a whole set of legal considerations which need to be discussed.
A Will is also a good place to provide for a testamentary guardian for your minor children, to ensure they are looked after for if something happens to you.
Thank you for your attention to my Will and POA matters this morning. I was very impressed with the visit, and by your very thorough way of dealing with matters involved.
Glenice, Moorolbark Victoria
Having a Will in place is only a small part of a good estate plan. You should also consider whether properties you may hold should be held in joint tenancy or as tenants in common, as this can have a significant impact on your estate.
You should also review the nominations on your superannuation; for many people superannuation can be their largest asset. It is very important that proper binding nominations are in place to ensure your superannuation and any insurance policies are paid to those you intend. This also needs to be carefully done in concert with the other gifts made in your Will, as otherwise some incongruous and unintended results could occur.
Powers of Attorney
While a Will deals with things after you have gone, it is prudent to make arrangements for decisions to be made on your behalf while you are alive, in the event that you are not in a position or no longer have the capacity to make those decisions yourself. These may include financial, medical or other general or specific areas – you can nominate a trusted “attorney” to act in your shoes.
Our lawyers will talk you through all of the above considerations, and more, during your complimentary estate planning review. Please contact us today on (03) 8658-0040 to schedule a time, or book an appointment online.
We Can Come to You
Where necessary our lawyers can come to you – we can assist clients at hospitals, nursing homes, or their own homes if mobility is an issue. The important thing is to ensure that an estate plan is in place so your wishes can be carried out; give us a call today so we can get things organised for you.