If your needs are more complex, an estate plan extends to asset protection and the ongoing minimisation of income tax for your beneficiaries.
A minor change or addition to your Will can be done simply by adding a ‘Codicil’ which is an additional document that becomes part of your Will. An estate planner can help if you need to make an addition to your Will. In some cases, it may even be better to write a new Will.
You may also want to consider an estate plan if you have minor beneficiaries or mentally incapacitated beneficiaries. An estate planner can provide legal advice and guidance.
Other examples of how estate planning could be useful are when you:
- Want to pass on a family business
- Have a superannuation payout
- Want to make a gift to a charity
- Have a capital loss
- Have property which may be caught by capital gains tax, ie it was purchased after 19 September 1985
- Have life insurance
- Have family debts
- Want flexibility in distributing your assets, eg there are more children on the horizon or for tax purposes
- Have more complex affairs involving family trusts and family companies
So why not take control of your assets and create a Will today. All Australians over the age of 18 should have a Will. Remember that you are never too young to have a Will and whenever your circumstances change, you need to update your Will.