Don't worry about your Will.
When thinking about our Will, it's easy to get bogged down in worrying about our current circumstances, and what needs to be done now to ensure a tax-efficient and protected distribution of our estate.
The reality is that the vast majority of our future is unknown. We can't know now exactly what assets we will own when we die. Nor can we know what the relationship circumstances, financial needs or tax status of our beneficiaries will be when we die. We certainly can't know how tax laws may have evolved in 10, 20 or 30 years. This is why the strategy of any forward-thinking Will owner should be to accept that the future is impossible to accurately predict and choose a Will that provides loved ones with the maximum amount of legal 'flexibility' and testamentary trust 'options' possible. No one has a working crystal ball, and despite our best intentions, trying to decide now, down to the finest detail, what will be the best investment or tax strategy for our loved ones in the future, rarely works out.
Far better to rely on a comprehensive and flexible Will that instructs our beneficiaries and executors to seek professional legal and tax advice after we die. When we die there is no longer any need for a working crystal ball to understand the actual needs and tax status of our beneficiaries. Our executors, and the professional advisors they rely on, will be in a far better position to accurately view the ‘inheritance landscape’.
With the right Will in hand, our executors and beneficiaries will have the best chance and the appropriate options at their disposal to enact the right distribution strategy that maximises our parting financial gesture.
So, what's the lesson?
There is no need to worry about your Will.
Our job is really simple. Rely on a great Will. The rest we can and should leave up to them. Otherwise, if we try and 'rule from the grave' too much, we might just screw it up.
PS: That isn't to say there is nothing a Will owner should do apart from relying on a comprehensive estate planning Will. In the Guide For Will Owners (provided in every Will Wizard portfolio) we provide a short list of sensible things that Will owners should consider after they sign their Wills.
We’d love to hear from you.
Will Wizard Co-Founder
As always, if you have questions about the suitability of any Will for your needs and circumstances, seek independent legal advice.