iconWills

Estate planning covers much more than just making a will. There are many things to consider, from whether or not your beneficiaries would benefit from the establishment of a testamentary trust, to how your life insurance proceeds and superannuation are dealt with.

These matters will depend upon your personal circumstances, and our advice to you will vary according to the specific needs of your personal situation.

As a general rule, there are certain situations in which we will always advise you to review your will.

Marriage or Divorce

If you marry, divorce, or commence or end a de facto relationship after making a will, this can effect the validity of your will. If any of these events occur, you should review your will to ensure that your assets pass to the people you intend them to after your death.

Birth of children

You should make or review your will if you have children, including adoping children. In particular, you will want to make provision for who your children live with, how they are raised and how their inheritance is protected until they reach an age where they can control their own finances.

Buying or selling a house

Whilst property held as joint tenants passes automatically to the surviving joint tenant, you should ensure that this remains your intention. If it is not your intention, and particularly if you are separated, but not yet divorced, you should consult us about severing the joint tenancy.

Property held as tenants in common will devolve according to the terms of your will, and so you should ensure that such matters are addressed in your will. If you are unsure whether you own property as joint tenants or tenants in common, we can help you find out and advise on what changes you might need to make to your will to ensure your property passes according to your wishes.

Going into business, receiving an inheritance, winning the lotto!

If you go into business or there is a significant change in your financial circumstances, you should review your will to ensure that these new circumstances are taken into account. In particular, if you go into business you need to ensure that you have an appropriate succession plan in place to ensure that the business can continue to trade or be wound up in the event of your death, according to your particular circumstances.

Other considerations

In any event, we recommend that you review your will at least every 2-3 years to ensure that your wishes can be properly executed after your death. Changes in legislation, including changes to tax laws; the death or incapacity of an executor or beneficiary; or the disposal or acquisition of particular items of property, are all things that make a regular review of your will essential.

At Smith & Associates, we can assist you to make sure that upon your death, your family and loved ones are taken care of.

Call us on 3099 3300 to discuss how we can assist you.