We often get calls from clients wishing to make a “simple will” as they believe their asset situation is very straightforward. While not an exact term, a “simple will” usually means one where all of the assets are left in equal shares to the beneficiaries. They receive them in their name directly after administration of the will and they are then theirs to hold, give away, pay tax on, lose and so and so forth. In many cases a simple will is all that is required and so, such a will is relatively straightforward to draft and administer.
But what if things are a little more complex, or it is possible they may become more complex in the future? If any of the following points need to be considered, a more complex will may be necessary:
• If you have young children whose long term care and expenses need to be catered for;
• If you have children from more than one relationship;
• If you have more than one spouse (you may be legally married to one and in a de facto relationship with another);
• If you have beneficiaries with disabilities;
• If you have concerns about a beneficiary’s personal relationships (for example one who may possibly separate from a spouse or partner;
• If you are concerned about a beneficiary’s inability to manage their finances (for example they may have a drug or gambling problem);
• If you have assets that may attract capital gains tax;
• If you’ve given loans to beneficiaries and wish for this to be equalised between beneficiaries out of the asset pool;
• If you wish to allow for certain beneficiaries to live in a property for a specific time or for life whilst preserving the underlying capital value for others.
If any of the above are relevant considerations, then a more complex will may be required.
Talk to us and we’ll make even the more complex matters simple!
Disclaimer: The contents of this article do not constitute legal advice and should not be used as such. Formal legal advice should always be sought in these matters. If you would like to discuss this or any other matter please CONTACT US for an appointment.