Ensure your wealth goes to your loved ones
Whether you are single or a couple, it can be challenging to work out who to leave your estate to if you pass away without children. You may wish to leave an inheritance to your family (parents, siblings, nieces and nephews), close friends, and you may also consider charities as possible beneficiaries. Of course, as a couple, you will consider the needs of your partner as well.
Testamentary Trusts in your Will
You may want to consider putting a testamentary trust in your Will for certain beneficiaries, such as your nieces and nephews, for example. A testamentary trust is a trust that your gift can pass into and is drafted into your Will. It offers asset protection and tax advantages for your beneficiaries and can be provided to your partner, your relatives or friends. The testamentary trust cannot be used until after you pass away, as it is in your Will and does not come into being until that time.
Gifting to Charities
If you are leaving gifts to charities, the gifts need to be worded very precisely. Charities usually have recommended wording, but we also recommend that additional clauses be drafted into your Will to cater for the otherwise problematic situation where the charity no longer exists at the time of your death, or has changed its legal name.
Make sure you have a comprehensive estate plan
Of course it is not just your Will that needs to be drafted correctly. You will also need to consider who you wish to be your decision-maker if you lose capacity. You can choose decision-makers for personal and health decisions and your financial affairs and this is done by a separate legal document usually called an Enduring Power of Attorney (depending on which state you live in). You can also prepare more detailed instructions for your health decisions with Health and Medical Directives.
We will talk through your options and provide you with advice and recommendations on all of your estate planning needs along with a fixed fee quote at our first consultation so that you are fully informed of all your options.
Our unique ‘4 easy steps’ makes the process easy
Expert Estate Planning with Fixed Fees
Meet With Your Lawyer
Whether we meet virtually or face to face, we will listen, answer your questions, craft your estate plan and provide you with a fixed fee quote.
We’ll Keep You Updated
You will receive draft documents to review. You can discuss your plan with us at any time you want.
Final Document Meeting
We will go through all of your final documents together to ensure the plan is exactly what you want.
"We were impressed with the experience from our first contact and most satisfied with the finished product. We felt relieved and happy after meeting our lawyer and confident that we would be guided through the process with understanding and professionalism. All we hoped for and more was achieved."
"We are thankful we were introduced to Estate First Lawyers through our Financial Advisor and had the opportunity to get our affairs in order. We had done the right thing and had Wills prepared, however, we didn’t realise the workings of a Will. For example, we didn’t realise that our Superannuation was not included in our Will; we didn’t realise the importance of having a Binding Nomination. I think people need to be made more aware of Estate Planning and truly be satisfied that their inheritance is covered and watertight in their Wills."
"Thanks for guiding me and my wife through the complexities of establishing an Estate Plan to suit our unique circumstances. We really appreciated the very efficient and courteous services."