Many people underestimate the importance of having an up-to-date Will and having an estate plan in place. The buying or selling of a property is a good time for you to consider your current situation and wishes, and ensure that they are appropriately documented.
Many people do not understand that property owned as joint tenants (commonly the family home and joint bank accounts), superannuation, company assets and Family Trust assets fall outside the operation of a Will. These assets can, and commonly do, form a large part of a person’s or couple’s “wealth”. They are often ignored, which can have unintended significant adverse financial consequences for those intended to benefit from a Will.
Failing to have a valid Will and estate plan can lead to disappointed beneficiaries, disputes and increased costs. A carefully drafted Will and estate plan can minimise income and capital gains tax and reduce the potential for legal claims. It will also avoid an estate being distributed under the intestacy laws (where Government rules decide who receives assets of an estate). A carefully drafted Will and estate plan can also save on accounting, legal and administrative costs, that otherwise may be incurred.
Ultimately, a carefully drafted Will and estate plan will also provide the willmaker with peace of mind that their affairs are appropriately catered for in the event of their death, and that their intentions are clearly set out and well documented. It is also appropriate to consider whether Powers of Attorney and Appointment of Enduring Guardians should be updated or put in place each time you review your Will.
If you would like to make a Will or update your existing Will we have an affiliation with M & K Lawyers.
Please feel free to contact:
Warren Smith, Principal
Tel: +61 2 8298 9533
Fax: +61 2 9252 6276
Email: warren.smith@mk.com.au
Web: www.mk.com.au
