We are all aware we should
have a will, but how many of us take the time to
have one drawn up or keep it updated. Many people
don't realise the consequences of not having your
estate planning organised and the unnecessary heartache
it can cause for family and loved ones.
If you are making a will or updating your existing
will, here are some issues you may need to consider:-
1. Updating your Will
It is important to review your will when your circumstances change for example due to, divorce, marriage and births. If you have had more than one marriage or long term relationship, you will need to consider whether you would like relevant partners to receive any part of your estate. This includes children and previous and current spouses.
2. Being ambiguous
This is a common problem that may lead to the disputation
of your will. Make sure your intentions are clear and can not be misinterpreted. To avoid these circumstances it may be best to have your will drafted by a professional.
3. Settling your debts first.
Not specifying the debts to be settled prior to the distribution of your assets may result in your beneficiaries inheriting the outstanding debt.
4. Consider tax
Many people don't realise that tax may be payable on their inheritance.
5. Beqeathing assets
This occurs when some of the deceased assets are held by a family trust, a company business or partnership. You can only distribute assets directly owned by you.
6. Selecting witnesses
If a beneficiary witnesses your Will it may invalidate any gifts and they may miss out on their inheritance.
7. Appointing an Executor
When appointing your executor you will need to take care not to appoint someone who may have a conflict of interest. It is advisable that your executor also have the necessary knowledge and experience to carry out the duties of an executor.
8. Can't find the Will!
Make sure that your executor (and at least one beneficiary), knows where your will is stored.
There have been occasions when a Will has been discovered well after the distribution of the Estate. This leaves few options for beneficiaries to claim their lost inheritance.
As you can see there is a lot to be considered when planning your estate. By being prepared with a Will, you and not the law can decide what happens with your estate.
For professional advice regarding your estate planning please contact Williams Roncolato Lawyers on 9235 2399.
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