Find out The Real Importance of Estate Planning and Having a Current Will

Posted by FamilyLawyer on December 5th, 2022

Why do you need a Will?

If you die without a Will the law says you have died “intestate”, which means that you have left no valid instructions as to how your property will be distributed. Your estate will (Current Will) then be divided up according to a formula in the legislation.

Why do you need an up-to-date Estate plan or Will?

An up-to-date Estate Plan or Will allows you to:

• Decide how your assets will be distributed after your death;
• Choose who you want to manage the distribution of your estate;
• Provide for your family as you wish;
• Possibly save money on tax;
• Ensure your Superannuation and life insurance is dealt with as you wish; and
• Ensure any trusts or companies are properly managed.

When should you review your Estate Plan and update your Will?

Your Estate Plan and/or Will should be reviewed every 2 (two) years at least or upon any of the following circumstances changing:

• You divorce or marry;
• You have children;
• You or someone named in your will change their name;
• Your Executor or a Beneficiary dies;
• You sell or buy a property or create a company or trust that you have dealt with or need to deal with in your Will;
• You enter or cease a de facto relationship; or
• Your wishes change.

Do you have a “Blended” family?

If you or your partner has children from a previous relationship then we recommend you seek our advice in relation to your Estate Plan and Will. Wills for blended families can be more complex as the testator usually wants to provide for both their children and their current spouse, which can require particularly careful planning.

What will Aylward Game Solicitors do for you?

We will take care of the process for you, including:

• A comprehensive review of your personal circumstances;
• Detailed advice to ensure your loved ones are provided for in your Will;
• Your Will is properly drafted, signed and witnessed;
• Your estate planning goals are clearly addressed;
• The potential for your Will to be challenged after your death is minimised;
• You receive accurate advice on capital gain tax issues from us, as well as appropriate accountants or financial planners;
• Your original Will is kept in a safe place; and
• Your superannuation funds, life insurance, companies, and trusts are properly dealt with.

Costs of Estate Planning and Will Preparation

The cost involved in an estate plan review and the preparation of a Current Will depends on individual circumstances and how complex the Will needs to be in order to effectively deal with your individual circumstances. The Will is only one element of a broader process.

We do however offer very reasonable fees for an estate plan review and Will preparation.

When you consider the peace of mind you will have in knowing everything is in order in the event of your death; the cost of drafting your Will is not an expensive outlay.

An Estate Plan and a Current Will is some of the most important documents you will make in your lifetime and without professional advice, you could unintentionally leave your family with very complicated, difficult and expensive issues to resolve.

For more information on Estate Planning and Will Preparation, please visit our Brisbane law news section.

For urgent queries on your specific matter, please don’t hesitate to contact one of our experienced Brisbane, Gold Coast, and Sunshine Coast Wills and Estate Planning lawyers at Aylward Game Solicitors.

To speak with an expert in the area, contact 1800 217 217 to arrange a consultation.

Contact
United Service Club
Level 4, 183 Wickham Terrace, Brisbane QLD 4001

Free: 1800 217 217
Phone: 07 3236 0001
Fax: 07 3236 0005
Email: mail@aylwardgame.com.au

Article Source: Estate Planning