The 60% or the 40%?
Statistics show that approximately 60% of Australians do not have wills, and of the 40% who do, over 60% are either out of date or inaccurate.
So, if you are a client of the Self-Managed Super Specialists one of the first pieces of advice that SMSF specialist Andrew Frith would have given you was to have your Will updated, or ensure you visited your legal specialist to have one drawn up.
If you are not an Andrew Frith client you may not know some of the common errors that occur for those who do have a Will. The list can be long, but some examples are listed below.
The Will is out of date. The list can be long, here are some examples:
- if you have remarried your Will drafted prior to your marriage is notvalid; or
- you have additional children since you drafted your Will; or
- you have disposed of a property or other asset which is still listed for a beneficiary; or
- changes in legislation causing problems
- you are no longer in close contact with a person you nominated as an executor, etc
The Will is invalid because
- beneficiaries have been witnesses
- the witnessing is incorrect
– Failure to recognise possible disputed claims
– Ignoring possible impact of taxation on beneficiaries
– Ignoring the potential impact of transnational requirements
– Using invalid assumptions about the value and liquidity of assets
– Inadequate provision for dependents
– Thinking DIY kits are adequate
– There is a lack of clarity in your Will's message
You have worked long and hard to build up your Estate, seek advice from a properly qualified specialist legal practitioner and have a your Will drawn up or updated.
For Self managed super fund advice speak with one of our team
Also take with us about general financial planning advice
