Why do I need a Will?
A well drafted Will ensures that what you own and accrue during your lifetime is left to your family in the way that you want it to.
What if I don't have a Will?
If you don’t have a Will you die intestate. That means that the law determines who gets your assets. There is no discretion and the legislation contains the framework for who gets what. Children from prior relationships, a deceased’s defacto (even if the deceased was also married during their lifetime) may be entitled to part of the estate with a surviving spouse.
If there are no family members alive according to the law, your estate may be left to the NSW State Government
We can prepare a suitable Will to suit your current needs.
I just need a simple Will, don’t I?
A lot of people say they just want a simple will and that it is all pretty straight forward. Sometimes they are right.
A simple will for a family would be to leave everything to the survivor of the couple and then equally to their children.
Simple wills are easy to draft and may be appropriate in some cases but cannot provide:
- legacies to certain people or charities
- protection of assets from bankruptcy of a beneficiary
- protection of assets from marriage breakdown of surviving spouse or adult child
- tax effective outcomes for children and grandchildren
- protection of assets from second marriages by spouse
- protection of assets from gambling issues or bad investment decisions
- certainty of outcome for superannuation/SMSF proceeds
- any assistance with family trusts as trusts are separate legal entities and trust assets cannot be left in a Will.
Special consideration needs to be given where there is a blended family and how to deal with children of a prior relationship.
If a Will is not drafted with care, there is a potential for a claim on the estate of the deceased.
Get in Touch
Contact us today by phone or email to discuss your will or testamentary trust.