You can’t take it with you and if you don’t want to leave a legacy of family dispute and dysfunction, the best advice is to do something about it. That’s what we help you to do with a plan, a plan to reflect what you want to happen when you die and to reduce the prospect of family implosion.
Most of us want to leave the legacy of our life and efforts for the benefit of others when we die. Many of us, however, don’t do this very well.
The best way to do it is to have a good Will in place at all times. Not having a Will means that you either don’t care what happens when you die or you are happy for the law to prescribe what should happen to your assets when you experience your celestial transfer.
The other consequence of not having a Will or not having a good Will is that the real legacy you could leave is a family destroying dispute when someone decides to challenge your Will. The only beneficiary of this will be the lawyers and you usually don’t intend to benefit them when you die.
Life is also more complex these days and the old concept of your ‘estate’ isn’t what it used to be. Very few people now die leaving just a home and some money in the bank. Now we can leave personal assets, superannuation, life insurance, a family company or trust and even digital assets replete with usernames and passwords. All of these need careful planning for your passing as well.
These complexities also mean that the administration of your estate may also require expertise from people like us. The task of an executor to find and then distribute the estate after meeting all tax obligations is a demanding one and the assistance of experienced hands like ours can make the executor’s role less stressful, keep the beneficiaries happy and even save the estate unnecessary expense.
No matter what you do however, there may always be the prospect of a challenge to your Will. Not having a Will will also increase the prospect of a challenge to your estate. With the developing dynamics in family life these days including blended families, inter family financing, aged care and business succession, not to mention estranged children, there has been a significant increase in challenges to Wills. We are very good at advising people be they executors defending a Will or those who want to challenge a Will.
In the end, it is your choice as to how to pass on from this life and what effect you want to leave on your family. Doing nothing will do nothing for your family after you go and will almost inevitably lead to conflict and resentment. Doing something is always better but not just any something, but a good Will that meets both your circumstances and your aspirations. It’s your choice.
Planning for your death may seem a macabre and unpleasant task but we humans know one thing – death is inevitable and reincarnation is generally not possible. That means you only get one chance with this event. It’s all about doing your Will well.
Getting your Will right
Getting your Will (and other things) right is the best legacy you can leave and is one way to ensure that you don’t leave a family implosion or dispute.
This means understanding and confronting the following:
- What is a Will
- The importance of making an EPOA
- The importance of making an AHD
- Reviewing your estate planning documents
- Statutory Wills
- Providing for disabled children
- Different types of Wills
- Divorce and your Will
- Marriage and your Will
- The effect of re-partnering and your Will
- Digital assets
- Protecting your wealth
- Superannuation and your Will
- Testamentary Trusts
- Special Disability Trusts
- Life insurance and your Will
- Guardianship for adults
- Blended families
These and many other issues need to be addressed if you want to do your Will well. We have the knowledge and the life and legal experience to help you through this process and to get you to a point of doing something and doing it well. You can then truly RIP – retire in peace.
Need expert legal help now?
Don’t hesitate to contact CRH Law. We have helped many people in the same situations as you’re probably in. We hope to hear from you soon.