A good Will, is one that is drafted by estate planning lawyers who take a holistic approach. Your estate planning lawyer works together with you, your accountant, financial planner to prepare a will that reflects your intentions and requirements and is relevant to your circumstances. It also sets out the person or persons that stand in your shoes (after you have passed away) to take control of your estate and distribute your hard-earned wealth to your beneficiaries, in accordance with your wishes and instructions as set out in your Will.
A bad Will is usually a Post-office “boilerplate” kit that is not specific to your circumstances or is not properly signed and witnessed, lacking crucial details about who is supposed to benefit from the estate. A bad Will can be deemed invalid, reverting to the rules of intestacy (dying without a Will) or defaulting to a previous Will, or otherwise lead to a dispute amongst beneficiaries.
The ingredients for a good Will that is right for you include: –
- Full disclosure by you of your assets, liabilities, intentions, and requirements
- Expert advice (legal, financial etc.)
- Tax-effective options and solutions
- Provisions for beneficiaries (including minor children)
- Considering your current and future (foreseeable) circumstances (e.g., having “back-up” clauses, such as an alternative to you preferred executor and alternative beneficiaries)
- Reviewing your Will as and when your circumstances change (e.g., the birth of a child a separation from a partner, the death of a loved one etc.) as it is important that your will changes with and reflect these changed scenarios.
To start your estate planning journey today, speak to an United Global Capital financial adviser and your estate planning lawyer. If you do not have an estate planning professional, start your estate planning journey alongside Batten Sacks.
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This article has been prepared by United Global Capital Pty Ltd (ACN: 154 158 273, ABN: 25 154 158 273, AFSL: 496179).
This article contains general information only and is not intended to provide any person with financial advice. It does not take into account any person’s (or class of persons) investment objectives, financial situation or particular needs, and should not be used as the basis for making any investment or financial decisions. United Global Capital Pty Ltd does not make any representation as to the accuracy, completeness, relevance or suitability of the information, conclusions, recommendations or opinions contained in this article (including, but not limited to any forecasts made). No liability is accepted by United Global Capital Pty Ltd or its directors, officers, employees, agents or advisors for any such information, conclusions, recommendations or opinions to the fullest extent possible under applicable laws.
Anyone considering making any investment decisions based on the information contained in this presentation should note that past performance, target returns or estimates of returns is not a reliable indicator of future performance and actual results can vary significantly.