Complex Wills and Planning for the Future In NSW
Complex Wills and planning for the future are a sign of the times! As families get more complex in their make-up so does Wills and Estates Planning. This is because your Will and your Estate will need to potentially take into account ex partners, step children, grandchildren, new partners and their children as well as family members with special needs.
Complex Will Challenges
It is important to consider all potential beneficiaries when you are writing your Will, in order to avoid a potential Will Challenge. Will Challenges can be made by eligible people and this extends to ex partners, as well as people who were dependent on you in the past. By ensuring you have considered all potential beneficiaries and left reasons for why you have not included someone in your Will, you are protecting your Estate from expensive and emotionally draining court proceedings. By carefully considering potential Will Challenges you can protect your actual beneficiaries and their inheritance.
Loved ones with special needs
It can be a constant worry if you have loved ones with special needs and you want to make sure that they are financially provided for after you are gone.
One way to ensure that this happens is to consider setting up a Trust in your Will to provide for them and protect their inheritance. By setting up a Trust in your Will, you can appoint a person who you trust to be the Trustee and look after your loved ones inheritance and make sure that it is used for their benefit and assistance in life.
Marriages, Divorce and Marriages and De Facto Relationships
It is important to remember that marriage and divorce, can have an effect on the validity of your Will.
If you have recently married or divorced you need to update your Will and take into account your new circumstances.
If you are in a De Facto Relationship or have left a De Facto relationship, it is also important to update your Will and take into account your new situation and ensure that the people you want to inherit your Estate actually do inherit your Estate.
You should also check the beneficiaries you have named in your superannuation fund, or your life insurance and update these details as well.
Businesses
If you are a business owner or the director in a company then your Will can be more complex, as it needs to address the way you want the business to be dealt with after you are gone. This can include directions on what is to happen to any shares you may own in the company, as well as whether you want the business to continue or if it is to be sold.
Complex Wills and Estates need to receive expert legal advice from a lawyer experienced in Wills and Estates Law.
Graeme Heckenberg is the principal of the Northern Beaches Lawyers and has been in practice over 25 years. If you have any queries on Wills or Estate Litigation call today for a consultation on 9221 0341 or email info@hecken.com.au
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