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The Importance of Having a Valid Will
When it comes to protecting your loved ones in the worst-case scenario, having a valid will can be extremely important. Obtaining the right advice and guidance to create a legally binding document can offer you and your family peace of mind – and safeguard the future.
Seeking Legal Advice
In recent years, many individuals have been attempting to take matters into their own hands when it comes to creating a will. With DIY kits readily available online, they appear to propose a cheaper, easier alternative – but they can prove to be more trouble than they’re worth.
In a range of cases, writing a will isn’t as straight-forward as it may seem; with a range of factors to consider outside of the traditional process of dividing personal equity and belongings between family members.
A lawyer or financial advisor will understand the bigger picture in terms of the performance of your will(including business capital, dealing with creditors and setting up testamentary trusts for youngsters where necessary), so you could enjoy a more detailed approach to managing your affairs.
With a better will-structure, better protected assets and even the ability to minimise hidden costs (such as taxes),your family is more likely to be in a greater position once you have passed away.
Safeguard the Future
For many of us, protecting our little ones is a deciding factor when it comes to drawing up a will. Experienced lawyers usually advise parents to create separate, as opposed to joint, wills (as events where both die at the same time are rarer than the alternative).
They are also likely to prompt the appointment of both a guardian to care for the child (or children) in question and a trustee to execute will-arrangements and make financial decisions – and this can be either the same person or two different people, depending on your wishes.
In instances where these roles are not pre-arranged, the decision will be made by the necessary authorities. If the matter of guardianship is contested (often by those who were verbally appointed by the deceased), the matter could end up in the Supreme Court.
Update your Will
It’s not uncommon for circumstances to change, especially if your will is written years in advance. Updating the document to reflect your current situation as and when it changes (for example if you become a parent, remarry, divorce, or lose a spouse), can ensure that everything is present and correct in the event of your death.
Lindale Insurances Pty ltd ATF Lindale Insurances Trust ABN 27 027 421 832 is a Corporate Authorised Representative of Millennium3 Financial Services Pty Ltd AFSL 244252and ABN 61 094 529 987. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement. For Australian Residents Only.
Disclaimer:The views expressed in this publication are solely those of the author; they are not reflective or indicative of Millennium3. They cannot be reproduced in any form without the express written consent of the author.