Is your Will really your will?
Every so often, we prompt clients to dust off their Will (if they can find it!) to see if that is true – and what better time of year to do it than in Queensland Wills Week (who'd have known)!
It goes without saying, circumstances change, intentions change, families change – so does your Will need to change?
As a starting point for revisiting your Will – enter your email address below to download our estate planning checklist.
One client recently revisited their Will to find that many of the wishes captured at the time of writing were no longer of relevance today. Nor did their Will deal with the passing of control of new entities in their family group. Without such a prompt, there would have been enormous uncertainty for the family, which unfortunately may have lead to disputes amongst family members.
The outcome for our client – not only did they get the chance to update their wishes and desires as they stand today, but they were able to modernise their Will to incorporate the use of testamentary trusts1 which will provide significant tax and asset protection benefits to their children and grandchildren in the years to come.
Importantly, for those clients with superannuation balances over 1.6 million, one of the sleeper impacts of recent changes to the Super system is that any excess over 1.6 million can no longer remain in superannuation upon your passing. Thought will need to be given as to where those excess funds are paid to (amongst other things).
If you’d like to confirm that your wealth passes to those you intend, or discuss your estate planning strategy in any way, please don't hesitate to get in touch with our team on 07 3233 6470.
1. The views expressed in this document are provided by View Legal Pty Ltd, a company not associated with Liberum Financial Pty Ltd or Fortnum Private Wealth Pty Ltd.