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.