You may not consider yourself wealthy, but no matter your net financial position you always need to have a Will.
So often we come across estates where the person has died intestate (without a Will) and believed there were no significant assets to warrant making a Will or ensuring that the hand drafted Will that they have made will be sufficient for their respective estates. If you have not carefully considered your financial position and ensured that your Will is properly executed, this can end up costing the estate heavily in both legal and emotional costs and can result in delayed administration of the Estate. It can potentially leave your family having to make decisions about your estate at a time when they are most vulnerable.
Most people forget superannuation when they are thinking about the estate assets, often these superannuation funds can have significant insurance policies and death benefits attached to them.
Along with this, if you have not instructed your super fund correctly, and, potentially the terms of Will, your funds rolling out of your super fund on your death can be taxed at a rate as high as 17%. For instance, if your superannuation fund is worth $300,000 at the time of your death, potentially your estate will save (and therefore, benefit by) an extra $51,000. Some careful planning can result in significant tax savings along with a lot of other things.
A Will is a legal document which allows you to:
- Choose who will manage your estate, referred to as an executor
- Choose who you wish to receive the benefit of your estate on your passing;
- Exclude a beneficiary who may at law be entitled to receive part of your estate;
- Take care of the needs of a child or disabled family member;
- Choose who will raise your children in the event of your passing;
- Avoid disharmony amongst family
- Provide for a defacto/same-sex partner who may not automatically qualify as a beneficiary
Our strongest recommendation is that whether you seek our teams assistance or not, you should obtain good advice to take care the assets that you have earned for your chosen beneficiaries. For more information on this, you can contact us on 07 5444 1022 or email info@gpla.com.au