It’s comforting to know that having a valid Will helps to ensure that the rewards of your lifetime of hard work will be distributed according to your wishes. While many of us may find it a confronting and difficult conversation to have, it’s wise to have an open and honest dialogue with your family and loved ones; obviously before it’s too late.
If you die without a valid Will you are said to have died intestate and your estate is distributed according to the rules of intestacy. This means your estate could be distributed to family members in a way that you had not anticipated or desired, and to people you did not anticipate or want as recipients of your hard work.
Creating a Will is especially important if you have young children as it allows you to nominate a guardian or guardians to look after and raise your children in accordance with your wishes.
You may also need to consider other issues such as asset protection and tax effective solutions for the distribution of capital and income.
Creating a Will is not a once in a lifetime task. Your Will may need to be reviewed and revised after major life events such as a marriage, divorce or separation, the birth of a baby or the purchase of a property. If you have property or assets overseas it may be possible to create an International Will.
Effective estate planning does not stop with the creation of a Will. Consideration should also be given to creating powers of attorney and the appointment of enduring guardians (which we’ll discuss in future blogs), as well as existing or new life insurances, trusts and superannuation entitlements.
Losing a loved one is a life-changing and stressful time. By taking care of your estate planning now, you’ll make the process of managing your estate as easy as possible for those closest to you. For further advice or for assistance in drafting a will tailored to your individual circumstances, please do not hesitate to call us on +61 2 9299 9920 or send us an email via the contact us page.
From the legal team at Cohen & Krass – where in-depth knowledge and extensive experience combines to give you the service and solutions you deserve.