South Australia’s ageing population has focused attention on the need to have an up-to-date will.
For a surviving spouse or loved one, a difficult time can be exacerbated without the existence of a will, or if a will has not been properly prepared.
The good news is that most wills and estate planning matters are relatively straightforward.
However, there are a range of issues that may affect your particular circumstances.
The following is not an exhaustive list. However, it is intended to get you thinking about aspects of your will that you may not have considered.
Things to consider:
- Tax issues. The old saying about ‘the only certainties in life are death and taxes’ still rings true. We can work with your financial advisor and accountant to ensure that there is an effective tax strategy in relation to your estate planning.
- Real estate. This includes the implications for the family home.
- Life insurance policies and self-managed superannuation funds. Including helping you to understand beneficiary entitlements.
- Infant beneficiaries. This includes provision for guardianship of your young children.
- Changing a will. For example, upon marriage or divorce, making provision for a “blended family”, or a significant change in your circumstances.
These are all issues to consider and fortunately, you have it in your power now to minimise the trauma of your passing, for the benefit of your loved ones.
Not having a will and not keeping your will current and up to date are the two biggest mistakes we see in this area of our practice.
Another mistake we see people make is using a do it yourself legal will kit to try to manage a complex estate. On their own, the taxation benefits of a professional drafted will are likely to cover any investment in having a local Adelaide law firm prepare your will.
If you have any questions, our wills & estates specialists in this area are more than happy to assist. More information can also be found in our downloadable Wills & Estates brochure.
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