“I should really get my Will done”, is a regular refrain. In a busy world it is hard to find the time or the right motivation to go ahead and get it done. Generic Will ‘kits’ and online Wills may offer cheap ‘one size fits all’ options, but is that really going to adequately cover your intentions for your family and assets?
It is likely that there are things that you haven’t considered, which might require legal advice. For now, here are some common life events which should encourage you to make a Will:
1. Marriage
You may already have a Will, but did you know that getting married will revoke an existing Will? The need for a new Will is especially relevant when you may be planning on, or starting a family, or just plain starting again. A Will should cover your current family circumstances but also be flexible and adaptable to change, such as additions to the family.
2. Birth of a child
Generally speaking, most people leave their assets to their partner and also want to ensure that they are protecting the financial future of their children. Did you know you can appoint a guardian in your Will to have the care of any children under 18? You can also set up simple trusts to ensure your children receive their inheritance at an appropriate age.
3. Purchase of property
For many people, the purchase of a home is the greatest investment they will ever make. It is a personal achievement which warrants protection. Even with a mortgage, the equity in your home is an asset of your estate. There are various ways to own real property (joint tenants, tenants in common, equal or unequal shares) so it is important to understand what happens to your home on your death.
4. Starting a business
Owning and running a business can be a stressful but rewarding experience. Business assets are often held in trusts and companies, which may or may not form part of your estate. A family business can be a significant part of your legacy with the right estate plan. Advice about business succession and asset protection is critical for any business owners.
5. Separation and divorce
As with marriage, divorce revokes a Will in Western Australia. When relationships break down, it is time to take stock and consider your future plans. Your ex-partner may, in certain circumstances, be eligible to claim against your estate, so it is important to obtain estate planning advice as well as family law advice at this time.
6. Peace of mind!
We did say 5 events, but the peace of mind that comes after you have completed your estate planning is available at any time!
The most common reaction from our clients when they sign their Will? Relief!
You might consider that your asset position does not justify you making a Will. On death, your estate may receive your superannuation and life insurance, which can greatly increase the size of your estate. Consider the stress and uncertainty that may occur for your loved ones if you do not have a Will.
The first step may be the hardest. Once a plan is in place, it can be amended as needed over time or as your circumstances change.
Contact us on 94881300 and speak to our friendly estate planning team should you wish to make an appointment or seek more information.