Deciding to get married is a big emotional decision. But it’s also a massive legal and financial decision. Asset ownership, asset protection, super, life insurance, decision making, estate planning and family financial support, all need to be carefully considered to provide a solid legal foundation for a successful life together.
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In this article we cover the important questions you need to answer to put in place an effective Will, namely: why should you make a Will, who gets what, how do you fairly divide your assets if you are in a ‘blended family, and who you will need to involve in your estate plan? Time to act!
One of the reasons you accumulate assets and savings is to ensure your loved ones are adequately looked after when you die. Your accountant is likely to have put in place strategies to save you tax and protect your assets. But without proper planning, this can mean that your assets don’t end up in the hands of the people you intend. FInd out more.
Most people who advise on testamentary trusts talk about the ‘tax benefits’. This emphasis is plain wrong. Why? Because, a simple Will (without a testamentary trust) is more likely to do harm, and to lead to family disharmony, than one with a testamentary trust.
A gift of property that is no longer in your estate when you die automatically ‘fails’ (or ‘adeems’). This rule can lead to unfairness and unintended consequences.