Your Will is the last message you can send to your loved ones. It outlines your wishes with regard to your assets (estate) after you are gone.
Anyone over the age of 18 that has mental capacity should consider making a Will.
If your estate is straightforward, then a ‘simple’ Will will suffice. If your estate is more complicated, then a ‘complex’ Will will better suit your needs.
How do you determine if your estate is simple or complex?
Complex issues may include:
- Having a vulnerable or disabled family dependent family member
- Owning a business
- Having family or company trust(s)
- Owing multiple large assets
- And, if you would like your beneficiaries to receive their inheritance once they attain a certain age.
Usually complex Wills will have testamentary trust(s) built into them. These trusts may be ‘protective’ for vulnerable beneficiaries, ‘bare’ for minor beneficiaries or ‘discretionary’ for beneficiaries the would like to decide whether they receive their inheritance via a trust. These Wills are lengthy as they incorporate the machinery of each trust.
For further information on testamentary trusts, click here.
For a more detailed explanation of complex Estate Planning, you can purchase our 60 minute webinar on Disability Estate Planning by clicking this link: https://www.duncanlegal.com.au/shop/
Wills are rarely set and forget. As our lives change, so does the need to cater for these changes. Your Will should be reviewed every 3-5 years and possibly updated when you:
- Marry or divorce
- Have or adopt a child
- Restructure your assets
- Experience significant change to your health
- Experience significant change to your wealth
- Buy or sell a business
- Reach preservation age for your superannuation
Other triggers may also be in relation to your existing Will itself, such as:
- Your Executor(s) have passed away, are incapable of acting or your relationship with them has changed and you would like to appoint new Executor(s)
- Your Beneficiaries have changed, passed away or you have new family members.