PREPARATION OF WILLS
Everyone should have a Will, particularly if you have children, are married, own a house or have substantial assets. Wills should also be reviewed regularly.
If you don’t have a will, the rules of intestacy govern who your beneficiaries will be, but a will is the only way to ensure your wishes are carried out after you’re gone.
Many things are considered in preparing a Will, including taxation and superannuation obligations, contingencies such as if executors are unable to act upon your passing, and substitution of potential beneficiaries. A testamentary trust can be created for asset protection and tax minimisation.
The concept of Family Provision allows – in fact requires – a Court to order from your estate for the adequate provision of an ‘eligible person’. If you wish to challenge a Will on these grounds, or conversely to prevent a claim, proper advice is crucial.