Estate Planning
Wills
A will is a legal document that sets out your wishes for how your assets are to be divided up after your death. It can cover other matters such as who should take care of the children. As your circumstances change, it is important that your will is reviewed as well.
It is important that you seek professional advice from a solicitor to have a properly drafted Will that clearly expresses your wishes. When reviewing your will consider issues such as:
- The administration of your estate (i.e. Who should be the executor of your will and where should your will be kept?).
- The ownership of property and investments. Who are the beneficiaries of your estate and what will they receive? You may need to carefully plan to whom you will leave your assets, including your home and investments.
- What impact capital gains tax may have on your estate. Careful planning will help achieve the most tax-effective distribution of assets and avoid undue taxation.
- The possible advantages of establishing a “Testamentary Trust". A Testamentary Trust is simply a trust set up through a will. It may be beneficial in certain circumstances such as taxation benefits, the protection of assets, and to relieve beneficiaries (e.g.. minors, the elderly and incapacitated) from the management of assets.
You may also consider discussing with your solicitor, the implementation of an Enduring Power of Attorney. This is a legal document that nominates somebody to administer your personal affairs if you ever lose the capacity to control them through injury or illness.
If you die without a will, your assets will be distributed according to state law, which may not be consistent with your wishes.
