One of the most important things you can do for your loved one is to prepare a Will.
While the "DIY Will Kit" or the Public Trustee Will may seem like an affordable option, the saying is "you pay for what you get". Your family are worth more than that.
Having a Will professionally prepared gives you the certainty of who administers your estate and who receives what. Dying "intestate" (without a Will) or with an out of date or poorly prepared Will means that you may leave being stress, worry and expense to your family.
If you die without a Will, control of your estate and who receives your assets is determined by legislation and there are additional costs involved in applying for Letters of Administration and administering your estate.
If all you want is a traditional (or "Standard"), no frills Will - we can assist you.
While a traditional (or "Standard") Will may meet your needs, there are potentially significant benefits that can be obtained in having a "Non-Standard Will" that addresses specific issues or a "Testamentary Trust Will".
A Testamentary Trust Will can help your beneficiaries to minimise tax and protect their inheritance:
- Reduce Tax - A Testamentary Trust Will allows the beneficiary to distribute the income and realied capital gains to a range of people to obtain the bext tax outcome. In addition, any income received by minors are taxed at normal marginal rates rather than the top rate.
- Asset Protection - A Testamentary Trust Will can limit the assets available to be used to pay creditors in the event of a bankruptcy of a beneficiary, can limit the access of creditors where litigation is threatened or currently before the courts, and can assist in keeping inheritance separate from matrimonial property in a Family Law dispute.
Testamentary trusts are an excellent estate planning tool that should be considered irrespective of your financial position.
We can assist you with a Will that is tailored to your circumstances from a Simple Will to more complex wills for blended families, for families where a protective trust is required, through to Testamentary Trust Wills.
Call us on 08 8523 8400 on a no obligation basis to discuss simple and testamentary trust wills and your estate plan or email us at email@example.com.
"DIY Will Kit Disasters" by Nick Pullman (04/04/2017)
"How much is a will?" by Nick Pullman (18/10/2016)
"Do I need a Will?" by Nick Pullman (14/10/2015)
"Funeral Wishes" by Nick Pullman (16/07/2015)
"Digital Estate Planning" by Nick Pullman (07/05/2015)
"Wills for Life" by Nick Pullman (09/02/2015)
"DVD Wills" by Nick Pullman (02/02/2015)
"Do it yourself Will Kits" by Nick Coutts (03/08/2014)
"Testamentary Trusts" by Peter Ryan (01/08/2014)
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