Do you have life insurance? That might add to your estate.
DIY Will?
- Thread starter Sove18a
- Start date
Do you have life insurance? That might add to your estate.
Yes I think about $700K. I also have some jewelry, investment art and silver coins (not worth too much though as it's just the beginnings of a collection.
Hmmmm however I will have some family jewelry coming to me down the tract (past down through generations) worth a fair bit of money. But this will be much later.
Probably good to think about it now, unless you're diligent enough to update your will every time an event like that happens.
DIY Wills - think of it this way: I made myself well off so I will let my heirs squabble over it in court because I didn't really care about what happened to it when I died. Spending a few $ now will save the estate $$ in years to come.
No guarantee the heirs won't squabble over it, even with a decent will.
I have no kids or partner presently. Everything goes to my folks, and if they're not around my sis. But really, I'm not particularly fussed about what happens when I'm dead.
Edit - I'd rather start dishing out the inheritance while I'm alive so I can get some pleasure out of it. eg - giving sis some money to buy a place. Paying for nieces education. etc.
Hi MTR which lawyer are you referring to? I don't do will (i'm not a lawyer), however when starting an SMSF people ask for referrals, id be happy to hear of a reasonably priced and quality lawyer that I recommend for clients looking for wills.
In relation to DIY, many people I know use Cleardocs, any feedback on their wills (that are Maddocks backed?)
A standard will like this is probably ok if you have a "if i die then everything to my spouse" type arrangement.
Not if you have
- children from a different relationship
- a secret lover
- a trust
- a smsf
- any ifs - if she dies before me type thing.
- foreign assets
- anyone who you want to leave out
- anyone who may challenge.
- any investments
- any loans.
Not if you have
- children from a different relationship
- a secret lover
- a trust
- a smsf
- any ifs - if she dies before me type thing.
- foreign assets
- anyone who you want to leave out
- anyone who may challenge.
- any investments
- any loans.
There is a very recent SMSF case which shows the importance of putting in a plan for your SMSF after death.
It was over death benefits of approx $900,000 and the case cost $300k in legal fees.
In this matter a husband and wife had set up a SMSF. Husband wanted to leave his death benefits to his children from the first marriage. He had set up a binding death benefits notice before he died. But when he died his wife controlled the SMSF as trustee later as director of a new company which was trustee. She said the BDBN was invalid and paid herself the death benefits.
This was challenged in the courts and she lost. Legal fees to come from her and/or her member balance.
This could have been avoided by passing control of the superfund to the children - it could be as simple as leaving the shares in the trustee company to the person you want to benefit.
Something like this you won't learn about in a DIY will or a $300 lawyer drafted will.
It was over death benefits of approx $900,000 and the case cost $300k in legal fees.
In this matter a husband and wife had set up a SMSF. Husband wanted to leave his death benefits to his children from the first marriage. He had set up a binding death benefits notice before he died. But when he died his wife controlled the SMSF as trustee later as director of a new company which was trustee. She said the BDBN was invalid and paid herself the death benefits.
This was challenged in the courts and she lost. Legal fees to come from her and/or her member balance.
This could have been avoided by passing control of the superfund to the children - it could be as simple as leaving the shares in the trustee company to the person you want to benefit.
Something like this you won't learn about in a DIY will or a $300 lawyer drafted will.
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