Estate Planning

WILLS & TESTAMENTARY TRUSTS

A Will is a legal document that sets out how someone’s estate is to be distributed, after they pass away. Whilst this is a topic that we often do not prioritise in our day to day lives, having a valid will is imperative to ensuring that the people we care about, are sufficiently looked after, to help secure their future.

There is a common misconception that everything a person owns forms part of their estate. It is often the case that property or financial resources of high value do not form part of your estate, and need to be regulated outside of the Will in order to ensure a fully workable estate plan.

As part of our consultation process we will discuss the entirety of your assets, and will formulate a strategic plan to ensure that you control exactly how each of your assets are distributed. We will tailor your estate plan depending on your circumstances and will determine the most appropriate methods to affect that plan. Such plan could include the following:

  1. Testamentary Trusts created within the Will to provide protection for young beneficiaries, spendthrift beneficiaries, or those who do not have the capacity to deal with their own affairs.
  2. Enduring Power of Attorney.
  3. Advance Health Directive. 
  4. Integrating company, trust and superannuation structures into your estate plan.
  5. Financial Agreements to regulate ownership of assets.

Reviewing your Will

You should review your Will regularly and ensure that it reflects your current wishes for your estate. We highly recommend that your Will is reviewed in the following circumstances:

  1. Separation, divorce or marriage.
  2. The addition of children or grandchildren.
  3. The acquisition or disposal of company, trust or business assets.
  4. Every 3 years for superannuation purposes.
  5. Any major change in circumstances, such as the death of a beneficiary, illness of Executor or a drastic change in your financial situation, including debts or asset accumulation.

Our Perth Lawyers are able to provide you with upfront fixed fees for your estate planning requirements. Please contact us to obtain an indication of the costs involved in preparing your estate plan.