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Protecting the legacy you pass to future generations is becoming more important.
Sadly this area is often overlooked. Often we become so focused on working towards our personal or business objectives that we forget about how to best to protect our loved ones after we have gone. Often this is overlooked and there are unintended and very unfortunate consequences.
Make Estate Planning a priority for you!
Passing your legacy to your loved ones
An effective Estate Plan is important to ensure your legacy is passed to those that you wish to benefit the most. Ideally you should review your Estate Plan every few years to ensure it is up to date.
A Will is the most common document used to create your Estate Plan.
If you do not have a Will and you are 18 years or older then you should contact us immediately, particularly if you:
- own property
- raise children
- operate a business
Apply for a Free Consultation and we will consider your needs for an obligation free assessment.
Your interests may not be protected
- Review your Estate Planning if:
You have become separated or divorced
- If you have a new partner
- If you have a “blended family”
- Your executor, guardian or beneficiary has passed away
- One or more of your children has special care needs or a disability
- If you have significant superannuation holdings
- If you have a self managed super fund
- If you have a complex business, trust or company structure
- If your adult children have a high risk of insolvency or a legal claim
- If you need to make a business succession plan.
Your current Will may not be suitable in these situations.
If you would like a review then please contact us for an obligation free assessment.
What you may need
If you are 18 years or older then you should have a valid, binding and up-to-date Will.
There are specific requirements for a valid Will. Essentially a valid Will should:
- be in writing
- be dated
- be signed by the will maker
- be witnessed and signed by 2 independent people
- nominate those to receive benefits under the Will
- nominate the executors of the Will
Will making can be complicated. Entrust your legacy to a professional not a kit.
A Testamentary Discretionary Trust operates in a similar manner to a family or discretionary trust and can be a very effective tool to minimize tax implications to your beneficiaries.