Will review

A Will is a legally binding document that details how you wish your finances, assets, and other property to be distributed after you pass away, or become mentally incapacitated.

There are two general types of Wills, a Simple Will and a Complex Will.

• A Simple Will clearly and simply states any assets or lump sum payments you want to make, and the beneficiaries for each one. It provides a solid base for any individual without complex financial affairs.
• A Complex Will goes into more detail than a Simple Will. It puts plans in place that deliver greater control over your assets. This includes things like how to manage your superannuation, or setting up and managing a Testamentary Trust. A Complex Will can put the framework in place to ensure that the wealth you’ve generated doesn’t get lost or squandered once it’s passed on to your beneficiary.

A will is important as it creates a legal set of rules to ensure that your assets and finances are passed on as per your wishes.

If you die without a valid Will, you’re considered to have died intestate. This means that your assets will be passed on in line with your state’s intestacy rules.

While this will typically result in your estate being distributed to your partner or children, this may not always be the case.

Having a clear and comprehensive Will, and ensuring you undertake a Will review every few years, ensures that your assets are managed and distributed as you see fit.

What you include in your Will can differ from person to person, depending on your financial situation.

However, there are a few standard things that you should think about including in your Will:

• A clear list of beneficiaries to your Will. This can be people, charities, or organisations;
• A clear list of your assets, their approximate value, and who will receive these assets;
• A list of any personal items that you want passed on, and their beneficiary;
• Nominating a guardian for your children, if you have them;
• Appointing an Executor to carry out the final wishes as outlined in your Will;
• Any specific instructions for your funeral;
• Details of the financial professionals who have helped you draft and review your Will; and
• Allocating enduring powers of attorney to a person you trust to make decisions on your behalf.
  

Your average Will can cost anywhere up to $1,000 + GST to draft a simple Will, and up to $2,500 + GST to draft a complex Will.

However, a well-drafted Will is definitely worth the money. Liston Newton Advisory can work with you to determine your needs, and help you create a Will that best serves your needs.

While it certainly is possible to do a Will online for free, it’s not an option we recommend.

As these aren’t drafted by legal or financial professionals, they may not comply with your corresponding State or Territory legislation. They may not even be legally valid, which means that your wishes aren’t required to be carried out as directed.

Also, many online and ‘free’ Will services make you nominate that company, or an associated company, as your executor. This means that when you pass away, they carry out the executor role, while charging fees to do so. This often can be a percentage of your assets, which works out to be much more expensive than the price of a good Estate Planning team or Will review specialist.

We recommend that any adult over the age of 18 should complete a Will, and review your will every few years. This ensures that at any point in your life, your finances and assets are clearly taken care of.

You may also consider a Will review at these stages in your life:

• Marriage, separation, divorce, or re-marriage;
• Moving in with a partner, or entering into a serious de facto relationship;
• Buying a home, property, or other large assets;
• When starting or buying a business.