What you need to know

A Will is a legal document in which you state how property, that forms part of your deceased estate, is to be distributed after your death. A Will also allows you to choose an Executor who will be responsible for making sure your wishes are met.

Wills range from being very simple, through to highly complex documents containing sophisticated trusts. Your personal circumstances, the size of your anticipated estate and the profile of your intended beneficiaries will determine the type of will you should have.

Some reasons why people prepare more complex wills, containing sophisticated trusts, include

(i) the ability to drastically reduce tax payable by beneficiaries of the estate assets and
(ii) an ability to keep a beneficiary’s inheritance in the family, out of the reach of third parties such as their estranged spouses and creditors.

It is also important to understand that certain property you own or control does not form part of your deceased estate when you die. Those assets can not be transmitted to your preferred beneficiaries through your will. Such assets often represent a substantial portion of the property you own or control throughout your life. Some examples of assets that may not necessarily form part of your deceased estate include

(i) your share of any real estate you own with another person as a joint tenant,
(ii) your superannuation death benefits; and
(iii) assets held in a family trust.

A lawyer experienced in wills and estate planning will ask the right questions to understand your personal situation and ensure

(i) preparation of a will that’s right for you,
(ii) all property under your ownership or control is dealt with in accordance with your wishes (whether through your will or some other means) when you die and
(iii) appropriate strategies are considered, if applicable, to minimise the impact of potential challenges against your estate.

At Adams & Ross Lawyers and Business Advisers, our firm’s principal, Tony Pereira has been practising in the area of wills and estate planning for over 20 years. We welcome the opportunity to assist clients in this complex area of the law. We also operate a low overhead business model, allowing us to offer our services at great prices, without compromising on the quality of our advice and documentation. A basic will for a single person starts from as little as $250.00 (plus GST), while a package of basic wills and enduring powers of attorney for a couple starts from just $500.00 (plus GST).