A will is a written statement that has legal barring and describes how you estate should be administered upon your death. The people who inherit the deceased’s estate are the beneficiaries. The beneficiary receives what is called an abequest or an inheritance.
It is essential to make out a will as well as consider a testamentary trust
. The reason for that is to make sure your assets are passed on to the person you would like to see receive them. If you die and do not have a will someone will have to apply for Letters of Administration. This act will result in your estate being handled under the law regulating intestacy. In that event the government will define the legal process and a formula for dividing your estate among the beneficiaries.
A will needs to be written with the upmost care or your intentions will not receive their full force after you pass away. There may be substantial tax issues unless your death benefits are properly structured in SMSF
. One thing that can happen that would be really disappointing is that after you have passed away your beneficiaries do not receive what you have intended. They may be even be excluded from receiving what you had intended. Even the best drafted wills sometimes become highly pretentious due to other people claiming part of your estate under the Family Provisions Act.
Often wills are contested after the death of a testator and the wills end up having an outcome different than intended when a beneficiary comes to light after the death of the testator while the last will does not provide the testator’s true wishes for his or her estate.
It is important that you attempt to avoid potential challenges and take into consideration all possible outcomes when you draft a will and a Testamentary trust
. Be sure to receive the proper legal advice that you need to insure the results that you intended. Contact iMoney Wealth Management
to refer you to the professional legal advisors that you need.
By having someone who is not a lawyer write you will you are taking the risk that your will could end up in court to figure out your intentions. You don’t want that to happen. Make sure your will is not drafted with mistakes and even though some mistakes can be fixed that is not always the case. In that event that your will fails, it will be placed in intestacy which will result in the deceased’s intentions being altered with people being named beneficiaries who the deceased never intended when he or she was still alive.
The Supreme Court Equity division will interpret the Will it is challenged. This is a costly way to deal with a will due to the fact that the law is not completely clear on these matters and how to properly address them.
iMoney Wealth Management and our specialist network are able to assist clients with the following:
- Making a Will
- Reviewing your existing wills
- Restructuring of Assets
- Asset protection planning for beneficiaries
- Tax effective income streams for beneficiaries
You may not be aware but estate planning could also be claimed as tax deduction depending on the advice received. It is usually much cheaper to get a well written will or to understand your rights and responsibilities as an executor rather than make mistakes and end up in the courts sorting them out.