When it comes to something as important as your Will, you need to have a Will that is customised and “tailored to fit” you and your individual circumstances. It’s often said that your Will is like shoes and clothes one size DOES NOT fit all!
Personal circumstances vary greatly from one person to the next. If you don’t have a Will that “fits” you properly, it’s likely to cause your loved ones and other beneficiaries a lot of pain and, often, trauma not to mention extra expense. Where a person has shares in a private company, or units in a Unit Trust, a Family Discretionary Trust, a self-managed Superannuation Fund, or is involved in business entities etc, the Will that will best “fit” that person will be vastly different from the Will that will “fit” a person with their home and superannuation in their sole personal name. Special consideration needs to be given when preparing a Will for spouses/partners that are members of a “blended family” issues such as life estates, providing for your spouse/partner and protecting the interests of children of each spouse’s former marriage or relationship need to be carefully considered and provided for in the Will.
In many instances it is beneficial for a Will-maker to have what is called a Testamentary Trust in his/her Will to provide measures of estate planning/asset protection and flexibility (to achieve a better tax position and protection for beneficiaries) as regards income and assets of the Will-maker’s estate.
When you make a Will, you want to ensure that it does what it says, and is not worded in a way that causes confusion. With the increasing complexity of financial arrangements and changing personal circumstances for you and your children, it’s extremely important to obtain advice from a lawyer who knows what they’re talking about.
You need an expert Wills Lawyer … not just an “order-taker” lawyer. You don’t want to leave problems for your family… and you want peace of mind by knowing that your Will is drafted in a way that ensures your family is protected and that they will not suffer stress, trauma and extra expense (which reduces the amount available for your beneficiaries) when dealing with your estate.