Want to write a Will? Here’s what you need to get started

A Will is a legal document that most notably sets out who is to receive your net assets on your death. If you die without a valid Will, you are said to have died ‘intestate’ resulting in the distribution of your estate according to the law of the State in which you lived. This may not be what you want. A Will must be tailored to your circumstances, and where applicable, should:

  • Confirm all names in which you hold assets
  • Appoint an executor who will administer your estate according to your Will
  • Appoint guardians for any of your infant orphaned children
  • State any funeral and medical wishes
  • Confirm your Superannuation Nominated Beneficiary / Binding Death Benefit Nomination
  • Confirm the beneficiary of any life insurance policy you have taken out
  • Consider your interest in any private company, family trust, private unit trust or partnership, and pass any control you have in any of these structures
  • Recognise / gift foreign assets
  • Note any loans that remain payable to you or forgive loans owing to you
  • Make specific gifts e.g. jewellery to daughter
  • Make pecuniary legacies e.g. cash gift to godson and a charity
    Gift your residuary estate to beneficiaries of your choice, providing for substitute beneficiaries in case those you initially wished to benefit fail to survive you
  • State what age a beneficiary must attain before they receive their gift outright e.g. 18, 21, 25
  • Consider gifting your estate to a beneficiary via a Testamentary Discretionary Trust (TDT) to capture the benefits of asset protection and tax effective income splitting.

If all of this is a bit out of your depth, we can help you with your Wills and Estate Planning needs. For our assistance, please contact our office, on (02) 9112 4344 or email john@omniwealth.law to discuss your needs.

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We do not guarantee that the information in these articles is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person. 

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