Wills And Estate Planning

Why You Need A Will

Securing a comfortable future for your family requires careful preparation. Planning how your assets are distributed after your death will maximise the level of security you achieve for your family. Taylor & Scott Lawyers strongly believe that having a Will is vital. Why? Because circumstances may unexpectedly change overnight and you need to ensure that your family is protected and your estate is not subjected to lengthy litigation because you failed to leave clear instructions regarding how you wish your assets to be distributed.

If you have a Will in place, this will ease the burden on your family. We find that this is a growing concern with the rise of blended families.

A will can ensure that your estate and assets are distributed as you intended.

What happens if someone dies without a Will

Without a valid Will, you are said to die ‘intestate’, and this may result in the estate being administered by someone you did not wish to handle your affairs. It could also mean that your assets are distributed to those that you did not intend to leave assets to.

The implications for your loved ones can be complex and very distressing. A Will ensures your wishes in respect of how your estate is to be administered are carried through.

It is equally important to have a Will drawn up while you are mentally well and healthy.

When to consider updating your Will

You should review your Will regularly. It may be that your circumstances have changed and your Will no longer suits your circumstances.

It is recommended you consider updating or restructuring your Will in the following circumstances:

1. Where there have been changes to your asset pool or the nature of your assets;
2. Changes to any of your intentions, or the need for sophisticated estate planning;
3. Significant changes in your financial situation which may impact on your Will wishes, including acquiring and disposing of assets;
4. The individuals named in your will are now deceased, including executors, beneficiaries or guardians;
5. Entering into business arrangements or structures that may affect your financial situation;
6. Changes in your lifestyle, including health and retirement;
7. Changes in your family relationship structure, including: •  Marriage •  Divorce •  Defacto Relationship •  Birth of a child •  Adoption •  Blended family scenarios.

“Home Made Will Kits” and Online Forms

These may be a cheaper alternative, however, these forms do not give you any professional advice with respect to your particular circumstances.

Homemade Wills should only be used as a “stop-gap” measure as there is no guarantee that they have been validly completed. Obtaining professional advice is less stressful and much cheaper in the long run.

The importance of a professionally-created will cannot be underestimated. Most people do not realise that a badly drafted Will, such as a “Homemade Will” could be declared invalid, or lead to messy family disputes over your estate.

How Taylor & Scott Lawyers can help

Our team will work with your Financial Planners / Accountants to ensure that a holistic approach is taken to your financial affairs.

Taylor & Scott Lawyers are experienced estate planners and our lawyers believe that estate planning involves more than just drafting a Will and nominating a Power of Attorney (a person who can make legal decisions on your behalf if you become incapacitated).

Preparing an estate plan to manage the succession of your estate is vital to ensure your estate is passed onto your beneficiaries in the most appropriate and efficient way possible.

Taylor & Scott Lawyers have the experience to guide you through your estate options and explain in plain language everything you need to know about planning your estate – from writing or changing a will, setting up trusts, and preparing Power of Attorney and Enduring guardianships.

Our experienced lawyers can ensure you receive the right advice so your estate is shared only among those you have chosen as beneficiaries. We offer advice regarding adequate provision for your spouse and children, or for any former spouse or any dependants.

Our services include:

• Estate Planning
• Will Structures And Drafting
• Testamentary Trusts

If you would like to discuss your Will including contesting, writing, making or updating a will, Probate, Estate Planning or Contested Estate with one of our solicitors, please do not hesitate to contact our office on 1800 600 664, or send a message by completing the contact form.