How To Avoid Problems Drafting A Will

Drafting A Will
04 Sep

How To Avoid Problems Drafting A Will

Drafting a willProblems while Drafting A Will?

Your last Will and Testament are perhaps the most important document you will ever sign. As the nature of this document is so important, it is necessary to ensure drafting a will is done correctly so any assets collected over your lifetime are properly accounted for.

Assets such as superannuation, life insurance, and shares of jointly held assets (such as the family home) do not automatically fall into your estate when you pass away.

Furthermore, any assets you control through family companies or trusts (but do not specifically own) cannot be disposed of through your Will as part of the estate.

Avoid Problems and Seek Advice

To avoid any problems regarding the administration of an estate, it is important to formulate a plan to ensure the assets are distributed in the most tax-effective manner.

Testamentary TrustsSetting up a testamentary discretionary trust

One of the ways to do this would be to include a testamentary discretionary trust in your Will. These discretionary trusts come into existence upon your death and can have significant benefits, including protecting the beneficiaries who receive your assets in the event they:-

  1. Get into financial difficulties with creditors; and/or
  2. declare bankrupt; and/or
  3. suffer a breakdown of their matrimonial relationships.

Furthermore, income that is distributed from a testamentary trust to minors is taxed at a marginal rate. This means that thousands of dollars in tax can be saved annually if someone passes away with a young family as a result of the special tax treatment. A properly prepared estate plan will consider legal, taxation, and financial issues. It is therefore important that you seek legal advice and inform your solicitor, accountant, and financial advisor during this process. This will create a coordinated approach to establishing and reviewing your estate plan.

Need help?

For more information about (keyword), contact the Brisbane family law team at James Noble Law today for a FREE, no-obligation 20-minute consultation. To schedule an appointment with one of our Qualified and experienced Family lawyers Brisbane.

Find Brisbane family lawyers on Google Maps near you.

You may also like to know more information about the

 

Tags: , , , , , , , , , , ,

NEED EMERGENCY LEGAL HELP? WE HAVE QUALIFIED LAWYERS STANDING BY 24 HOURS 7 DAYS A WEEK ON 1800 662 535

X
logo

Free 20 Minute Family Law Appointment

Thank You For Visiting James Noble Law. We're here to help, please don't hesitate to reach out and book a free 20-Minute Family Law Appointment or Seek a set-rate, low-fee initial advice today.