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How To Create A Will

Estate planning is more than just making a plan to allocate specific assets to certain people.

Financial planners have a crucial role in estate planning because it is an extension of their primary role. Most people focus on building wealth, protecting themselves and their family, not what happens if they aren’t around anymore.

A complete estate plan will allow you to preserve control of your assets and to verify who will make decisions on your behalf should you become unable in the future.

As a Financial Planner our role is to ensure that this important step in the financial planning process is completed and the tax treatment of particular assets in your estate is considered.

To implement your Estate Plan, you will also need to talk to a legal professional and/or solicitor, who can assist you in covering all parts of an estate plan.

What should you consider when preparing a Will?

  • Who do you want to be your beneficiaries?
  • Who will you choose as the executor of your Will?
  • Do you have any specific bequests?
  • What assets need to be included?
  • What are the tax implications?

When should you update your Will?

Your Will should be reviewed and updated whenever there are major changes in your life, such as:

  • Marriage
  • Birth of a Child
  • Divorce
  • Retirement
  • Significant changes to the value of your assets
  • Significant changes to the way you own assets, such as the formation of a family trust or self-managed superannuation fund
  • Entering a new business or change to existing business structures.

How do you get started on creating your will?

Estate planning is a complex area that requires careful consideration. You will need the expertise of a solicitor and accountant, in conjunction with the guidance of a financial adviser.

This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.