Wills & Estate Planning
Estate planning is about more than preparing a Will
A Will is an important part of planning for the future, but it is rarely the whole picture.
A good estate plan considers what you own, how those assets are held, the people you want to provide for and who should be able to make decisions for you if you are unable to make them yourself.
It should also reflect your family circumstances and the things that matter to you.
At Watt & Severin, we take the time to understand those circumstances before recommending what your estate planning should look like.
How can we help?
Wills
Preparing or updating your Will so that it reflects your wishes and circumstances.
Testamentary Trusts
Considering whether your Will should provide greater flexibility or protection for an inheritance.
Enduring Powers of Attorney
Choosing who can make financial and personal decisions for you if you cannot make them yourself.
Reviewing Your Estate Plan
Making sure your arrangements continue to reflect your life as circumstances change.
Wills
Your Will should reflect your circumstances, not simply distribute your assets
A Will records what is to happen to your estate after your death and appoints the person or people who will be responsible for administering it.
But preparing a Will involves more than deciding who receives particular assets.
We want to understand your family, your assets and the relationships that may affect your estate planning.
Depending upon your circumstances, matters to consider can include:
who should act as your executor;
who you wish to benefit from your estate;
how and when beneficiaries should receive their inheritance;
provision for children or other dependants;
guardianship wishes for young children;
jointly owned assets;
superannuation and death benefits;
interests in companies, trusts or businesses;
loans or financial arrangements involving family members;
particular gifts or wishes; and
circumstances that may create a risk of disagreement after your death.
Not every estate plan needs to be complicated.
Our role is to identify the issues that matter in your circumstances and help you put appropriate arrangements in place.
Need to make or update your Will? Talk to Watt & Severin.
Testamentary Trusts
An inheritance does not always need to be given outright
A testamentary trust is a trust established under a Will after the Will-maker dies.
Instead of a beneficiary simply receiving their inheritance personally, the Will can allow some or all of that inheritance to be held within a trust structure for their benefit.
This can provide greater flexibility in the way inherited assets are held, managed and distributed.
A testamentary trust may be worth considering where there are:
significant assets;
young beneficiaries;
beneficiaries who may need assistance managing an inheritance;
family or relationship considerations;
asset protection concerns;
taxation considerations; or
reasons to provide beneficiaries with flexibility in managing inherited wealth.
Whether a testamentary trust is appropriate depends upon the particular estate and the people involved.
It also needs to be understood practically.
We explain how the proposed trust would operate, who would control it, how a beneficiary may access money or other assets and what responsibilities come with the structure.
The objective is not to add complexity for its own sake. It is to determine whether the structure provides a genuine benefit for your family and estate.
Enduring Powers of Attorney
Who would make decisions for you if you could not?
Estate planning is not only about what happens after death.
It is also important to consider what would happen if illness, injury or another circumstance meant you could no longer make certain decisions yourself.
An Enduring Power of Attorney allows you to appoint one or more people to make particular financial and personal decisions on your behalf in accordance with Queensland law.
Choosing an attorney is an important decision.
Depending upon the arrangements you put in place, an attorney may have significant authority over your finances, property and personal matters.
We can help you consider:
who should be appointed;
whether more than one attorney is appropriate;
how multiple attorneys should make decisions;
when particular powers should commence;
whether conditions or limitations are appropriate; and
how the document fits with your broader estate planning.
An Enduring Power of Attorney should be prepared while you have the legal capacity to make and understand the appointment.
Want to put arrangements in place for future decision-making? Talk to us.
Reviewing Your Estate Plan
Estate planning should change when your life does
Making a Will is not necessarily something you do once and never revisit.
Relationships change. Children grow up. Assets are bought and sold. Businesses begin or end. People appointed as executors or attorneys may no longer be the right choice.
Major life events can also affect whether existing estate planning arrangements remain appropriate.
It is sensible to review your estate plan periodically and particularly when there has been a significant change in your personal, family or financial circumstances.
A review does not necessarily mean everything needs to be replaced.
Sometimes the existing arrangements remain appropriate. The important thing is to know that they still reflect what you intend.
Your assets may not all pass under your Will
One of the reasons estate planning is broader than Will preparation is that not every asset necessarily forms part of your estate in the same way.
How property is owned, superannuation arrangements, trusts, companies and other structures can affect what happens when you die.
That is why we ask about the broader picture rather than preparing a Will based only on a list of beneficiaries.
Where accounting, financial or taxation advice is relevant, we can work with your other professional advisers so that the different aspects of your planning can be considered together.
Start with a conversation
You do not need to arrive with your estate plan already worked out.
Tell us about your family, your assets, the people you want to provide for and any concerns you have.
We can talk through the circumstances with you, identify the issues that need consideration and explain the available options in practical terms.
Talk to Watt & Severin about your estate planning.