Posted on June 21, 2021
Clients often contact our firm seeking assistance to update their Wills and they say:
“We have simple, straight forward wills. How much will it cost to update them?”
My reply is usually:
“There is no such thing as a straight-forward simple Will, as more commonly these days most of your assets are outside of your will.”
The client is somewhat taken aback by this concept but when you explore their estate planning needs carefully with them, the client has a better understanding of their Will and how it is not a simple, straight forward document.
Many of you hold assets and interests jointly with another person, in family trusts, in self-managed superannuation funds, and in companies. These are all assets that fall outside of your estate and need to be considered as part of your overall estate planning. Plans need to be implemented to ensure that these assets end up where you intended.
Our estate planning team can assist with your estate planning by ensuring that your intentions are carried out and reflected in your estate planning documents. Once our clients understand that a simple “Will” is not so simple, we share our knowledge to equip them with an estate plan that covers assets within their estate and outside their estate. This creates peace of mind that the client’s wishes will be carried out on their passing.
One of the best investments is an investment in yourself and making sure that the wealth that you have accumulated over the years is transferred to the next generation in accordance with your wishes. The consequences of not understanding how your will works and how those assets outside your will are dealt with on your death, could result in adverse consequences for you and your family.
Our estate planning team can assist you in obtaining a greater understanding and implementing an all-encompassing estate plan. Contact our team today.
Recent Articles
News Categories
