Wills: Ready, Willing and Able.

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Wills: Ready, Willing and Able
Planning for the future is something that many people put off ? particularly where writing a will is concerned. This is because, regardless of how old we get, no one likes to think of their demise. As such, we move through life often unconcerned for the long-term implications our short-term decisions may have on our future, or that of our family.
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Wills: Ready, Willing and Able. ... continued from above

Writing a will is an excellent way to protect your spouse and children from hardship and distress in the event of your death.

It is also a great way to be sure your favourite nephew inherits that chest of war memorabilia he’s always wanted in the attic. Additionally, writing a will can provide protection for your estate from creditors and the tax man.

How can a simple piece of paper fend off the mighty sword of taxation? By being mindful of how you divide your assets – it really is that simple.

One way to limit the potential tax liability your family faces upon inheriting your estate is to create a trust, whereby you can distribute your assets before you die and make contingencies for their distribution after your death.

Additionally, by consulting a tax or legal expert, you will be able to better anticipate any tax burden your heirs are potentially liable for and plan accordingly.

The easiest way to keep collection agencies and other creditors from knocking on the door once you’ve passed is to make a stipulation in the will that covers any outstanding debt as well as your legal and funerary costs.

If you die without significant assets, you can also protect your family from debt collectors by limiting the credit cards, loans and so on that are held in both your name and your spouse’s.

Where the estate has little or no significant inheritance, many creditors will simply push the debt aside, provided only the deceased is named on the account. So, don’t have your spouse co-sign your car loan, for example.

So, write a will – this can be done in the privacy of your own home with a kit purchased from our online legal doc shop on this website.

Consider who you’d like to name as executor of your affairs – and discuss it with them, the last thing a grieving relative needs is a surprise like that.

Also, it’s worth naming a second executor with no vested interest in the settlement of your affairs – such as your solicitor or accountant.

Then write the will, keep it simple and update it often so that the document is a realistic reflection of your family and financial circumstances.

Reader comments about this article
By Helen Brereton
My solicitor has told me that a will can be challenged or may not hold up if my children are not all left something in my will. Is this correct?
By Patricia Parker
Being a disability pensioner, my estate will not be large. I have funeral insurance and intend to increase it. My problem is-being a widow at only 44 years of age, things change. I purchased a legal will kit from the post office, and have found that I already wish to change it. Chopping and changing on a regular basis is becomming expensive. Is there a cheaper way to keep a will up to date without having to re-do everything? I have done a will through a solicitor years ago, but my last legal will overrode it.
By Seini Pitt
Thankyou for providing a newsletter that informs you of the everyday life things hidden from the general public. I love all the financial calculators that give a realistic view on paying back debt.
By David Graham
Are their any statistics available on how many people die without a will in Australia?
By Financial Services Online
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