Helping Clients Protect Assets & Build Wealth

10 Things to Consider When Preparing a Will.

Helping Clients Protect Assets & Build Wealth

An Up-to-Date Will is an Essential Part of Your Estate Plan

Nearly everyone has some assets to pass on after they die, and many Australians will have significant assets when their home, bank accounts, share portfolio, superannuation and insurance are taken into account.

It is essential to make appropriate plans, of which preparation of a Will is just a part, in order to protect your loved ones and the assets that you have worked hard to preserve and grow during your lifetime.

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Who is to be your executor? Your executor is the person appointed in your will to manage your estate and carry out your wishes in your will after you die.

This is a position of great trust, and the appointment requires careful thought.

It may be a family member, trusted adviser such as an accountant or lawyer, or an independent trustee company.

Q1Answer:

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GiftsQ2Answer:

Do you wish to leave any specific gifts to particular people or

charities?

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BeneficiariesQ3Answer:

Who are the beneficiaries that you wish to benefit from

your estate when you die?

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Testamentary TrustsQ4Answer: Can your estate planning

objectives be met with a “standard” Will (e.g. leaving your estate to your spouse

then children), or would “testamentary trusts” be

appropriate to provide protective advantages and

allow tax-effective distribution of your estate?

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GuardianQ5Answer:

Should you appoint a guardian to look after your minor children?

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Other InstructionsQ6Answer: Do you want to

include any other wishes or

instructions e.g. regarding funeral arrangements, or organ donation?

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AssetsQ7Answer: What are your

assets and how are they owned? e.g.

jointly with someone else, in your own name, in a family

trust.

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Superannuation Death BenefitsQ8Answer:

If superannuation death benefits are paid into your estate, consider the most tax-effective way for them to be applied to support your surviving spouse

and your children.

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Life InsuranceQ9Answer:

Is any life insurance payable

to your estate?

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Control of Companies & TrustsQ10Answer: Assets held in a

company or trust cannot be willed directly and you should consider how and

to whom ownership or control of other entities

will be transferred.

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Disclaimer

Answer:

This article has been prepared for general information purposes only and should not be relied on as (or in substitution for) legal, accounting, financial or other professional advice. Liability limited by a scheme approved under Professional Standards Legislation. Legal practitioner directors and employees of PFG Legal Services Pty Ltd are members of the scheme.

About the Author - Sophie CohenLegal Practitioner & Director of Prime Financial Group Legal Services. I work in conjunction with accounting partners and financial advisers to deliver high quality, professional and personalised legal services in asset protection (Estate planning, Business succession strategies and structuring , Superannuation, Family Trusts & Powers of Attorney).

www.primefinancial.com.au