- Jointly owned assets
- Assets held in a private company or discretionary family trust
- Insurance policies/bonds if you have nominated someone as the direct beneficiary.
- Superannuation, unless the trustee pays your money to your estate
If drafted properly, a Will can help to avoid family disputes and ensuing legal costs. It is important to have a Will even if you think your circumstances are straightforward.
When considering Estate Planning, you may also wish to consider establishing Powers of Attorney.
Read our Estate Planning Guide here.
When deciding what to include in your will some things to consider are:
- Identify all your assets and which ones will form part of your estate.
- Decide if you want to leave any specific assets to certain individuals.
- Decide who you wish to benefit from your estate – the Family Provision Legislation may require you to provide for certain family members so you should ensure they are all considered.
- Choose someone to be your Executor – this can be more than one person, and they should be willing and able to accept the role.
These are only a few questions to start thinking about before you speak with your legal adviser.
If you do not have a Will or your Will is invalid, you will be deemed to die intestate. This means the legislation in your state/territory will determine how your assets are distributed. This may not be consistent with your wishes.
You should review your Will regularly to ensure it continues to reflect your wishes. Make sure you consider any changes in your personal situation, e.g. marriage, divorce, the birth of a child or purchase/sale of assets.
While a solicitor can take care of the legal aspects of your estate, at Progressive Financial Solutions, we can look at your total financial picture and help you with a broad range of issues such as funding and protecting your estate, avoiding challenges to your will, and minimising tax. You can read more about our Estate Planning Services here.