Estate Planning: Revisiting Your Will

Estate Planning: Revisiting Your Will

A Will is a legal document that sets out who is to receive your assets after you die.  After the initial setup we don’t often check it is still relevant or assume it is.  For most people circumstances change and there are many items that can impact your estate plan:

  • Marriage
  • Divorce
  • Deaths
  • Your evolving financial position and the financial position of your beneficiaries
  • Insurance policies and ownership
  • Which assets are or are not governed by a Will
  • New and changing businesses/structures
  • New children and increasing ages of children
  • Changing tax rates and legislation
  • Inheritances and any preferred family legacies
  • Making a financial commitment to a person
  • The capacity of your nominated executor to be able to fulfil their duties
  • The capacity of your beneficiaries to manage their affairs
  • Changing relationships with appointed people or beneficiaries

Just to name a few!

We also tend to point our focus on the executors and beneficiaries but there are many components. Three areas not often considered are tax, businesses and structures.

Is my estate plan tax effective?

The disposal of assets in accordance with your Will may have tax consequences, including Capital Gains Tax (CGT). There are many strategies that can be used to help make your estate plan as tax-effective as possible for you dependants and beneficiaries. Planning ahead could save your beneficiaries significant amounts of tax.

Who will control my structures and/or business?

If you have structures such as trusts, companies, Self-Managed Superannuation Fund’s and/or a business it is important to review who currently has control of them now and who you want to have control of them in future.  Any legal agreements and deeds should also be reviewed along with the Will.

The team at dmca advisory can help you navigate these areas in collaboration with your lawyer.