Will and All Estate Planning

We call ourselves “The Will & All”, because with us, you don’t do just the will. We are committed to ensuring that all the detail is taken into account, and we give you experienced advice about your unique situation so you, and the people you love, get a great outcome.

Good estate planning is about understanding the role of a will in transferring rights and property to others on death, and also how other financial resources are transferred, or pass on death. This means understanding how jointly owned property will not necessarily form part of your estate and that it may not automatically go to your wife or husband, or your children.

It also means being aware of the consequences of options and choices. For example, the selection of your executor should not be based on a wish to treat all children equally. Your executor should be the person who is most appropriately qualified for the job. Naming all of your children as executor can cause additional costs and delay in the administration of the estate, particularly where there is potential for lack of harmony between them, or where other estate planning issues have not been properly considered.

Other considerations include: How do you provide for children from a previous relationship whilst still ensuring that your new partner and kids are also provided for? Do you know what will happen to your superannuation when you die? Who will run your business? What about existing family trusts?

It may not be appropriate or possible to share your estate equally between children. What if one of your children has special needs and requires their interest to be looked after by a trusted person? What if one of your beneficiaries is bankrupt or at risk of bankruptcy? Did you know that their inheritance could be taken by the trustee in bankruptcy to discharge their debt?

What if one of your beneficiaries experiences a relationship breakdown after they inherit from you? Did you know the Family Court can order that your child’s former spouse receive some or all of the inheritance your child receives from you?

And did you know that your superannuation may be paid to your estate, or it may not? In some cases, the trustees of the super fund will decide where your superannuation will be paid. It could be that your superannuation death benefit is paid to someone not of your choosing, perhaps someone you would not have considered, leaving the beneficiary you thought would get it with few rights.

Do you think that your estate might be disputed by someone such as a child or girlfriend? Did you know there are strategies we can assist with to minimise the risk of estate disputes?

What happens if your will isn’t signed correctly, or the content makes no sense? This often happens when people “do their own wills”.

And what about your debts, what happens to them? Are you worried that your debt might be passed on to your family?

Did you know that you can leave your estate in a structure called a testamentary trust which provides asset protection from third parties such as the Family Court or bankruptcy, and the ability to generate wealth for your family?

So many questions, so many answers.

We know that an estate that can be administered simply, efficiently, inexpensively and with certainty because of your careful planning is the best inheritance you can leave your family!