IRVING LAW: Perth Estate Planning and Will Lawyers – call us on (08) 6460-5460
WATCH OUR VIDEO ABOUT MAKING A WILL
Irving Law prepares Wills for clients in Perth and Western Australia:
- Wills – Basic Wills and Testamentary Trust Wills
- Enduring Powers of Attorney
- Enduring Powers of Guardianship
Why have a Will?
Having a Will provides peace of mind that, when you die, your affairs will be looked after by your chosen Executor, in exactly the way you have directed in your Will.
What happens if a person dies without making a Will? Please read our blog post on that subject.
Do you have assets located in a foreign country (i.e outside Australia)? Read our blog post on that subject: click here.
What about Will kits?
Wills made using a Will-making kit are sometimes adequate but can have limitations, for example:
1. The template is a “one size fits all” product. Once you have your options explained to you, you may want things that are difficult to do with a ready made template.
2. Wills have high technical requirements. A simple mistake by a person making a DIY Will could invalidate the Will entirely.
Some Will-makers may benefit from making a Testamentary Trust Will rather than a basic Will. A Testamentary Trust Will is a special type of Will that creates a trust, similar to a discretionary or “family” trust, when the Will-maker dies. Creating a trust, instead of giving gifts directly to beneficiaries, may have advantages. For example:
- the trust property can be kept intact and managed by an expert such as an accountant
- rules can include or exclude persons as beneficiaries, e.g. if a primary beneficiary’s spouse divorces them, the spouse can be excluded automatically
- having the property in a trust, instead of being held directly by the beneficiaries, can have taxation advantages for the beneficiaries
READ MORE about testamentary trusts and Testamentary Trust Wills.
Having a Will is only one aspect of your estate planning activity. You should also think about your retirement savings, investments and superannuation. Irving Law has a network of professional colleagues working in complementary areas and we provide our clients with referrals to those experts as part of our service.