Wills and Estates
It is important to have a Will regardless of the value of your assets.
A Will is a legal document that directs how your assets should be distributed and appoints guardians of any children. It appoints an executor to oversee this process. A properly drafted, up-to-date Will is the only way that you can be sure your assets will be dealt with as you wish.
If you pass away and do not leave a valid Will, your estate will be distributed in accordance with strict rules dictated by legislation, which operate without any regard to what your personal preferences may have been. It can also add significant cost and delay to the administration of your estate.
Having a Will relieves your loved ones of this burden and enables you to provide for them in a tax effective manner. It ensures that your dependants are placed in the best possible position in the event of your death.
You should review your Will whenever your circumstances change (e.g. a change in marital status; when a child is born, becomes an adult or marries or divorces; when there is a substantial change in the value or nature of your assets or when a beneficiary or executor dies).
In some circumstances it may be appropriate to include a Testamentary Discretionary Trust (TDT) in your Will. A TDT is a trust that is written into your Will and provides your beneficiaries with asset protection, flexibility and tax effectiveness.
A TDT is highly desirable if you have a beneficiary who:
- has a disability;
- is poor at handling his/her finances;
- practices in a profession which has a high risk of litigation;
- is in a high tax bracket; or
- has a history of bankruptcy.
By gifting your estate to these beneficiaries by way of a TDT, you can protect their inheritance from future loss.
Expert legal assistance is essential to ensure that your Will is valid and fits your particular circumstances.
Turner Freeman Lawyers are experts in all aspects of Wills and Estates – whether it is ensuring you make a valid and appropriate will, needs assistance for executors, want to make a claim from an estate, or need advice or information of powers of attorney (see separate category).
Contact Turner Freeman today for the best advice and quality professional service on all aspects of wills and estates.
For phone support and enquiries contact Turner Freeman on 1800 683 928 Toll Free