We are all so busy just living our lives that it’s all too easy to forget to take time to plan for the future and one of the big things people tend to put off is making or updating a Will. The problem with this is that your estate can be much harder to finalise if you don't have a valid or up to date Will. This can leave your loved ones without access to funds or even having to fight to access their inheritance, causing your family a lot of financial stress, until your estate is sorted out.
If you want your assets distributed in a specific way or just want to make sure everything goes to the right people, you need an up to date Will which properly sets everything out in a way that is both legal and, where possible, tax efficient for your beneficiaries. In these cases, you need a Will lawyer in Cairns who has the experience and the skills to prepare a Will that meets your specific requirements.
How can a Will lawyer in Cairns help with planning your estate?
An experienced Will lawyer can help you by preparing a Will which reflects your wishes and does everything possible to reduce the risk of a family provision application after your death. Factors which often need to be considered when preparing a Will include the following:
- Requirements for special needs beneficiaries;
- Appointing guardians for minors;
- Specifically excluding someone for a variety of reasons;
- Creating Testamentary Trusts to minimise tax for your beneficiaries.
If you haven’t engaged a Will lawyer in Cairns to help ensure that your Will is up to date and reflects your current needs, your family may end up spending their own money trying to access their inheritance.
Reviewing your Will
Writing a Will isn’t just a ‘set and forget’ exercise, it needs to be reviewed periodically so that it continues to reflect your wishes as your life changes. We can't know what the future holds, but if you have an up to date Will, you know that you have done your best to provide for your family if something happens to you.
Everyone’s situation changes over time and your wishes concerning your estate may also change. This is why you need to speak to a Will lawyer in Cairns and keep your Will up to date. As a general recommendation, you should review your Will (and this just means pull out your copy and read it to see if it even needs changing) whenever you acquire or sell a significant asset such as property or business, get married, get divorced, or start a family.
To make an appointment with an experienced Will lawyer in Cairns, call us on 07 4052 0700.