Pakenham, Cranbourne & Beaconsfield

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Estate planning & wills

Everyone has a Will, those who didn’t do one themselves have the one the Government wrote for them! The laws of Intestacy apply when there is no Will.

Many family relationships are ruined forever after disputes over a poorly drafted Will, or no Will at all. But Estate Planning is not just making a Will.

What type of Death Benefit Nomination do you have in place for your superannuation? Is it Binding or does the trustee have to consider claims from other people you didn’t intend to provide for? Separated or Divorced? Who really gets the money if you nominate children under 18 as beneficiaries? Who do you wish to be the guardian of your children if you die?

Who controls your trust or company after you go?

Is your Will old? Is the person you nominated as executor still the person you would choose today? Did you ask them at the time, have they forgotten, would they still be happy to perform the duties of an executor?

Your Will is a crucial tool in your Estate Planning but it is not a set and forget exercise. It must be reviewed.

Have you granted an Enduring Power of Attorney to someone else? Do you have elderly parents? What if they needed to go into an Aged Care facility, do you have Power of Attorney for them? Its too late to put it in place after they lose mental capacity.

Insight Wealth Partners are not lawyers. We cannot write your Will or Powers of Attorney for you. We can help you recognise issues for your estate so that you know to raise these with your lawyer to get the right solution.

We also know that planning for your death is not a lot of fun and many of us put it off. To break the inertia we can take Will instructions from our clients and get the process started by passing these to an appropriately qualified lawyer.

If you spent your lifetime creating an estate, spend a little bit of time making sure it goes where you want it to!!

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