A traditional will enables you to choose who gets your assets when you die. You can even get a simple one online. But simple, do-it-yourself, cheap will kits can create difficult and expensive problems. You could be leaving behind more worry and expense than anything else. Having a professionally prepared will gives you certainty about who administers your estate and who gets what. It reduces the possibility of others making a successful claim against your estate.
A simple traditional will only distributes assets which you personally own, i.e. your estate. It would normally not cover:-
- Jointly held assets. On the death of one co-owner, a jointly held asset goes directly to the survivor, bypassing the will completely. To ensure additional asset protection for a home which is now jointly held, we often recommend that the title be changed to tenants in common.
- Superannuation benefits. The trustee of your superannuation fund may have the final decision on who gets your superannuation. You may influence the result by completing a 'death benefit nomination'.
- Assets held under a trust. The terms of the Trust Deed cover what happens to the control of the Trust and the assets held by the Trust on your death.
- Proceeds of any life insurance policies. These will not form part of your estate unless you have nominated your estate as your beneficiary.
- Shares you hold in a private company. These may not be capable of transfer without the consent of other shareholders.
However, if the taxation and asset protection advantages are not needed, then a traditional will may be more suitable for you and it will be much less costly than a modern will.
If you want a traditional will, please complete our will-making questionnaire which will help us to save you time and money when preparing your traditional will.
What it costs
Please contact Next Generation Estate Planning Lawyers to discuss your particular requirements. We will explain what we will do for you, how long it is likely to take, and give you a costs estimate. There will be no charge for the first consultation.