A Last Will and Testament sets the parameters for what should happen to your property and possessions (i.e. your estate) when you die. Creating and maintaining a will is the only way to ensure your final wishes are respected. It is also of great benefit to your family, who will forgo unnecessary difficulty, delay and expense if you leave a valid will.
Your will should not be a static document. While it does offer some flexibility to cover a range of situations you may face throughout life, your will should evolve as your circumstances change. One of the most common examples is if you are involved in a second marriage and one or both of you have children from previous marriages, who also need to be provided for. It is impossible to do this without a current will. Remember to make or update your will if and when:
- You get married or intend to marry;
- You become involved in a de facto relationship;
- You are separated or divorced;
- New children are born;
- A person named in your current will dies or becomes unfit;
- You acquire a significant asset or investment;
- You purchase real estate;
- You are involved in a business, company or trust;
- You wish to specifically exclude someone from your will; or
- Your existing will leaves property you no longer own.
Special consideration also needs to be given to reducing the likelihood of future disputes over your will; planning for special needs of beneficiaries; creating Testamentary Trusts; business succession planning; superannuation; and appointing testamentary guardians for minors.
Wills range in complexity and can involve several forms and documents. For those with more complex estate management, we specialise in testamentary trusts. Contact us on (02) 8062 6300 so we can walk you through the process, hassle free.