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Wills – Just one Piece of the Puzzle

November 24, 2016 By Jocelynne Berry

A will is just  one piece of the puzzle that makes up a successful estate plan.

Often , those  making a will are keen to ensure their assets are passed on to all their dependants on their death. The “Mum and Dad” type will is quite common- leaving everything first to your partner, but then if that person has died before you, equally to the children.

This reasonably simple arrangement can often suit a situation where there is a modest asset base, no children from previous relationships, and no members of the immediate family that require special treatment.

The fact is though, that modern families are not as simple as they were in days gone by. The ‘Mum, Dad ,three kids, a house, a car and a dog’ model is often replaced by the “ small business owners, two children from a prior marriage,  elderly mother in law lives at home with us, our youngest child has special needs ”  or any of a myriad of variations on the theme.

Just as modern life is more complex than it was in bygone days, so are the family arrangements that need to be accommodated in considering how to deal with your assets after you are gone.

More and more Wills are being used as just one piece in the toolkit of options that are available to help establish an estate plan which will meet the needs of your family.  In a modern estate plan, your estate planning lawyer will look at the full range of options open to get your assets where you want them to go.   Powers of Attorney. trusts, binding death benefit nominations, insurance arrangements, and sometimes starting to give it away before you go, are all options to be considered.

The picture becomes even more complex where there are potential beneficiaries that you wish to either exclude from your estate, or where you wish to ensure the assets you leave them are not wasted away.

If there are people you wish to exclude from a share of your estate you need to also make sure none of your assets are domiciled in a state where the concept of ‘notional estates’ can cast a very  wide net over  assets. The interstate connection can be enough for a disaffected beneficiary to make a claim in that state for assets domiciled there.

“No problem’’ you think?  Well – take a look at your superannuation and insurance policies, and note the head office details for any insurance policies, bank accounts or shareholdings you might have. You would be lucky to find that every asset you owned was held solely in Queensland, even if you have lived here your whole life.

If your personal affairs are very straightforward, the Mum and Dad’’ will  may be just fine for your circumstances. However, unless you sit down with an experienced estate planning lawyer and talk it through the issues, you will never know if the estate plan you have in place is going to do the job you need it to, when it counts.

For more information, call acs Legal Solutions on +61 7 5546 3244.

Filed Under: Jocelynne's Thinking Tagged With: estate, estate planning, family, intestate, wills

Jocelynne Berry Pic2

“Jocelynne did everything possible to get this messy job through, and my Wife and I were grateful she honoured her obligations professionally and fairly.”

Jocelynne was admitted as a solicitor in 2007. In 2012 Jocelynne  became principal director with Maree Slingsby. In October 2017, after Maree  retired, Jocelynne was pleased to have Melissa Buchannan join her as partner to the firm.

Jocelynne approaches law in a practical no nonsense manner, with her main focus to achieve the best possible outcomes in an expedient and pragmatic fashion.

Jocelynne’s diverse experience in a variety of areas, has assisted clients find real solutions in Family Law,  Estate administration, Wills and Estate planning, Commercial leasing, partnership dispute resolutions amongst many other things.

 

Jocelynne’s Thinking

FREE WILL REVIEW SERVICES

January 7, 2019 By Jocelynne Berry

WILL REVIEW SERVICES We are on a mission to lift the national average amongst our clients. Only 1 in 2 Australians have a current and valid will in place. This means that half of us will die intestate, making an otherwise painful time for our friends and family more difficult. We want you and your […]

Wills – Just one Piece of the Puzzle

November 24, 2016 By Jocelynne Berry

A will is just  one piece of the puzzle that makes up a successful estate plan. Often , those  making a will are keen to ensure their assets are passed on to all their dependants on their death. The “Mum and Dad” type will is quite common- leaving everything first to your partner, but then if that person has […]

Cautionary tale for the executor – how deep are your pockets?

November 23, 2016 By Jocelynne Berry

When people reach their last days, it’s understandable that they can reflect on life; sometimes write some wishes on some paper. Significant problems can arise from those extra pieces of paper that are found. Problems can also arise if those papers are not considered very carefully. In most cases, when you’re an executor of an […]

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