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BUSINESS CHICKS latte magazine
DOLLARS & SENSE
You Can t Take It With You
A
Will determines who is responsible
for the administration of our estate
after death and provides important in-
structions regarding how our wealth is to be
distributed in our absence.
A carefully prepared Will also increases the
likelihood of a smooth transition of wealth
from one generation to the next and avoids
the delays associated with an estate dispute.
For this reason, it is essential that every adult
has a carefully prepared Will that is regularly
reviewed to ensure that is adequately deals
with the prevailing and future circumstances
as far as is practicable. In preparing a Will,
you need to consider the following:
· The appointment of an executor to carry
out the wishes contained in your Will.
· The appointment of guardians for minor
children.
· The distribution of your personal chattels
such as jewellery and other family heir-
looms.
· The age at which your benefi ciaries are
permitted to receive their inheritance (ie
18 or 21 or 25 years).
· How your estate is to be distributed in
the event that you, your partner and your
children all die together.
· Whether any of your benefi ciaries require
special treatment because of a disability,
addiction or other circumstance.
The failure to prepare a Will can have dis-
astrous consequences. Not only do these
consequences create uncertainty during the
administration of the estate, they can create
disputes between family members and bring
about an inequitable distribution of the estate.
Care should also be exercised before pre-
paring your own Will. While it may seem
simple to draft your own Will, there is no sub-
stitute for professional advice.
L
Andrew Simpson is
the author of the book
`You Can't Take It
With You' and is a
principal of Moores Legal
and heads the Estate
Planning, Structuring
and Superannuation
Department.
A Will is one of the most important legal documents that any
of us sign during our lifetime, as Andrew Simpson explains.
'