Wills and Estate Planning
Leaving a valid Will as part of a good estate plan is the only way to ensure that your assets pass according to your wishes after death. Good estate planning includes more than just dealing with ‘who gets what’. It’s about understanding the complexities and providing advice on important issues such as who will be responsible for administering your estate after you die? Who can make decisions in relation to the inheritance of a minor beneficiary? Who will control your entities including companies, family trusts and self-managed super funds? These are all important questions that your lawyer should help you work through.
Other aspects of good estate planning include:
- Understanding the unique issues for blended families or second relationships to minimize the risks of family provision claims on your estate;
- Protective trusts and managing the special needs of vulnerable or disabled beneficiaries;
- Superannuation death benefits and making binding death benefit nominations if appropriate;
- Holistic estate planning to ensure non-estate assets, such as superannuation, jointly owned assets and assets held within entities are appropriately dealt with; and
- Advising on the financial and taxation benefits of using testamentary trusts and superannuation planning.
Once you have made a Will, it is essential to keep it up to date. If you already have a Will but have recently had a change in your relationship or financial situation, it is imperative that you review your Will to take into account your new circumstances.
What’s the process at DDCS?
To make sure we have a thorough understanding of your circumstances, we will meet to talk to you about your needs, objectives, priorities and concerns. In our initial meeting with you, we will gather information about your family, your financial circumstances and identify any relevant risks that need to be addressed. We provide you with relevant advice, options and the advantages of each proposed strategy.
We consult with your financial planner, accountant and any other professional advisors as required to ensure your options are designed to encompass all variables. Once you have decided on a preferred estate planning strategy, we will then draft all necessary documents required to implement the plan. We will then meet with you to explain the documents, answer any questions you might have, and have you sign the relevant documents. We also provide a complimentary safe custody service to all our clients so you can have the peace of mind of knowing that your documents are secure.
What sets DDCS apart?
The team at DDCS have in-depth experience in dealing with family relationships, family dynamics, commercial structures and risk minimisation – we are not one dimensional and we have the skillset to provide multi-faceted advice about the matters that are important to you. As problem-solvers, we can suggest strategies and options to meet your needs, knowing there is no one size fits all approach. DDCS Lawyers provide individual advice and tailor your Will and estate planning documents to meet your specific circumstances.
Do I really need a Will?
Yes.
If you do not leave a valid Will, then the law sets out how your estate will be distributed after your death. The law sets out a formula known as the ‘rules of intestacy’, that divides your estate between certain categories of family members. The rules of intestacy are strictly applied and in many cases would distribute your estate in a way that would be contrary to your wishes. In addition, the administration of an intestate estate is usually more complex and time-consuming than dealing with an estate where there is a Will.