Wills & Estate Planning

What is a will?

A will is a legal document that describes your wishes and how your estate should be managed in the event of your death.

Having a clear, valid and up to date will is one of the best ways to ensure that your assets are protected and distributed according to your wishes. A will allows you to appoint an Executor, who is the person entrusted with the responsibility of making sure your wishes are met.

There are a variety of different types of wills that can be tailored to your personal circumstances. Wills can deal with funeral instructions, burial, cremation, guardianship of infants, specific gifts, the creation of trusts and many other testamentary considerations.

The team at Gregson and Associates specialises in helping you to put in place the right protection for your intended beneficiaries.

Why should I have a Will?

In WA around 30% of people own real estate. Between 2011 and 2014 the average superannuation holding has risen from $63,740 to $76,725. Statistically around 32% of First Marriages End in Divorce and 60% of second Marriages end in Divorce. Around 47% of Divorces involve children. There are approximately 120,000 Marriages per year in Australia which makes the number of divorces significant. The life average expectancy has increased from 80.5 years in 2004 to 82.35 years in 2012 leaving an increase in cases of cognitive impairment from 565,000 cases in 2009 to 668,100 cases in 2012.

What happens if I don’t have a Will?

If you do not have a will your estate may be distributed in accordance with s14(1) of the Administration Act 1903 (WA) and not in accordance with your testamentary intentions. There may be extra cost and delay in obtaining grants of representation and there may be potential conflict regarding who will be the legal representative of your estate. Your administrator may have to deal with issues regarding establishing trusts for minors or infant children or there may be adverse taxation and stamp duty implications.

 

 

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