What must Australian Wills do?
What are the top 10 things that your Will MUST DO to minimise risk and maximise benefit for you and your loved ones?
1️⃣ Does your Will, or your spouse or partner's Will, or your parent's Will, provide every beneficiary with the option to inherit via a beneficiary controlled testamentary trust?
2️⃣ Does your Will protect inheritances during common life problems that beneficiaries will likely face such as a divorce or de facto break-up, or financial problems like bankruptcy when inherited assets are under threat from third parties?
3️⃣ Does your Will give executors clear priorities, obligations and authorities to fulfil their task and to act in the best interests of beneficiaries?
4️⃣ Does your Will provide opportunities to minimise income tax and capital gains tax on inherited assets?
5️⃣ Does your Will provide beneficiaries with options and flexibility to manage their inheritance during good times and bad? Or as their circumstances change?
6️⃣ Does your Will reduce the chances of disputes?
7️⃣ Does your Will consider assets you may own in the future? Or future children you may have? Or does it have to be updated when things change?
8️⃣ Does your Will nominate preferred guardians of young children?
9️⃣ Does your Will have a back-up plan if beneficiaries die before you? Or if guardians and executors are unable to act?
🔟 Does your Will think about your pets 🐾, or gifts you may like to leave, or your burial preferences and all the other basic Will decisions?
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As always, if you have questions about the suitability of any Will for your needs and circumstances, seek independent legal advice.