Anyone who owns assets should have a valid Will.
It is your opportunity to leave a lasting and positive legacy for your loved ones, and charitable institutions.
At its simplest, a Will is just a document that distributes your assets to chosen beneficiaries upon your death.
Your death would be distressing for your family. A badly drafted Will – or no Will – magnifies distress. Using a lawyer ensures that the instructions to your Executors and family members are clear and precise.
What does a Will do?
- appoints people to pay your debts and administer your Estate (assets) – Executor
- determines who will receive your assets – Beneficiaries
- determines who will look after minor (under 18 years) children who are orphaned by your death – Guardians
- appoints someone to care for Pets and provide for their maintenance – Pet Care Trusts
You may also want to consider including a Testamentary Trust in your Will. We can discuss their advantages and disadvantages.
Testamentary Trusts are simply trusts established within a Will. They have numerous benefits. Similarly to commercial trusts, those benefits generally fall into the categories of either Asset Protection or Tax Minimisation. It is a common misunderstanding that only ‘wealthy people’ need a Testamentary Trust in their Will. Our lawyers can discuss whether a Testamentary Trust would be of any benefit to your circumstances.