A Will is commonly associated with the estate, and planning how the assets are to be distributed at the time of death. What’s more is it actually encompasses, the setup and management of financial planning. Estate planning requires that the correct financial structures and arrangements are in place so that assets can be transferred properly and tax effectively. Early preparation prior to the death of a person or during their existence.
A will allows a person to appoint who they want as their executor – the person who administers their estate following their death. If a person has young children, then that person can nominate a guardian to ensure the children are properly cared for. A will can be revoked by making another will, or can be updated throughout a person’s life. A will may not cover all the assets you own or control.
A will is a document that enables a person to direct who is to receive assets from their estate, and on what terms, after their death. At Wyse Wealth we can organise all your estate planning requirements.
Creating a Will
A Will deals with assets that are owned and are in the name of the Wills creator (the testator). Within a Will it is important to identify who the beneficiaries are and whether there are any particular issues with them which might cause complications.
A well organised estate plan can help to reduce the stress and pain felt by friends and family members of a deceased or incapacitated testator.
It’s a really good idea to review an estate plan every three or four years because it’s amazing how quickly things can change and the ideas that looked good three years ago, might not look as good today.
What is an Executor?
A good executor will ideally be someone who is willing and able, to undertake the role, and is likely to survive the testator. Other things to consider when appointing an executor include their:
- Geographical closeness.
- Knowledge of the type of assets within the estate.
- Honesty and high level of integrity.
- Impartiality between beneficiaries.
- Knowledge and willingness to seek expert advice when needed.
Other considerations: Having a Power of Attorney. This is a formal instrument by which one person empowers another to represent him, or act in his stead, for certain purposes.
Call today on 1300 850 902 and talk with a friendly Will Specialist. We will help you get your Will set up for you!