There Are Two Levels of Wills
If you want to leave a bigger, longer-lasting legacy choosing the right will type is a pivotal decision.
For some people, a standard will is enough; for many of us, a more sophisticated will is required. We call that a “smart will”.
You prepare a will to distribute your estate assets after you die and a “standard will” isn’t enough for many people’s needs and family situations in today’s complex world.
When you put your superannuation and life insurance into the equation, your legacy could be substantial. But, even a modest legacy can change lives.
Regardless of what you do or don’t have, you need to know that it’s the way your assets are distributed through a “smart will” and a “standard will” has an impact on how successfully you leave all the assets you intended for your loved ones, without interference or loss.
Because the assets are distributed directly to beneficiaries it provides no protection or opportunities for the beneficiaries and their inheritance.
No protection from threats
No protection from bad decisions
No tax reduction opportunities
Because the assets are distributed directly to beneficiaries it provides protection and opportunities to the beneficiaries and their inheritance.
Tax Reduction Opportunities
A “smart will” can protect your beneficiaries from themselves if you want. Immature, addicted, disabled, gambling or mentally unwell beneficiaries can benefit from, but not be enabled to squander their inheritance.
A “smart will”, can reduce the tax payable year-after-year on inheritance. The amount is often many thousands-of-dollars, leaving much more for your beneficiaries’ to reinvest or simply spend as needed for instance.
The level of will you require depends on quite a few factors. Most of us, but not all will be eligible to benefit from a “smart will”. If you want to find out which will level is the best for you and your situation talk to us. Or if you are not ready to talk learn more with us.