When making your Will, you should need to consider how matters will eventuate when you are not present to manage your financial affairs.
Unfortunately, not everything is covered by a basic Will – for example, not all assets are automatically distributed according to the terms of your Will.
Estate planning is aimed at creating a strategy to cater for those eventualities, simplify the administration of your estate and maximise the distribution to your beneficiaries.
There are a number of very complex aspects to this, including:
- Life insurance and superannuation policies, which are not automatically distributed according to your Will.
- How your assets will be taxed depending on who you gift them to – for example, capital gains tax on a property.
- Being aware of the possibility of someone contesting your Will, and whether it is appropriate to make some distribution to them, or otherwise clearly expressing why they are not being provided for proportionally in your Will.
- What will happen to your business or trust once you die.