My Will
While no one likes to consider the morbid topic of mortality, making a Will does not need to live in the too hard basket. Having an effective estate plan can bring a sense of purpose and peace of mind that the most important people in your life are taken care of when you are unable to take care of them.
Does a $30 Will Kit do the job? Like anything DIY—it doesn’t suit everyone, especially if YOU…
- have children
- have a mortgage
- have a blended family
- owe parents money (e.g. borrowed a deposit on your home)
- own property or assets as tenants in common or in individual names
- have a disabled family member
Planning your Legacy
While your Will is a cornerstone to leaving your loved ones in a financially secure position, there are other pieces to the puzzle that need to be considered. For example, you may not have sufficient assets to achieve your estate objectives. Life insurances can be a cost effective and efficient solution to overcome a funding shortfall. A common estate planning trap is the assumption that Superannuation will be taken care of by your Will.
The biggest obstacle to getting an effective estate plan is knowing who to talk to. It can be a complex process involving collaboration and integration of legal, tax and financial advice. We are able to leverage our relationship with other professionals and use of technology to offer a premium one-stop solution at a substantially reduced cost. Click here for more information.
| In late 2006, Australian racing legend Peter Brock died leaving three wills. The first will was a lawyer-made will. The second was a will kit which left the gift clauses blank and the third was another will kit that left a portion of his estate to the children and the remainder to his new partner but it was never completed.The first will was valid but revoked by the second will. The third will was his latest will but it was unsigned. The question for the court was which will is valid.After more than a year and thousands of dollars in litigation fees, the court found the second will kit was the valid one. “…it is not over by a long shot,” his former partner said after judgement was handed down. “Emotionally, physically, financially, the cost is enormous.”According to the judgment, the second will revoked the first will, however Brock left the parts of the second will dealing with the disposal of property blank, meaning the estate be administered in accordance with the rules of intestacy. |
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John Holland, ABN 24 239 532 771, and Lindsay Holland, ABN 15 327 316 880 trading as Forty Seven Financial Planning are Authorised Representatives of GWM Adviser Services Limited, ABN 96 002 071 749, Australian Financial Services Licensee, 105-153 Miller Street, North Sydney NSW 2060. A member of the National Australia group of companies. Refer to the Terms and Conditions of this website and General Advice Warni