The Guide To The Costly Will Making Traps

2018 EDITION 
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It will take about 10 minutes of your time


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Hi, we're Ruth and Tony,

There’s a trending issue all will-makers should know about but rarely do.


The issue is...when many of us sign our will, we think everything is fine and our beneficiaries will be looked after. Often however, this is not the case.

Even those dying with a professionally prepared will may be caught out.

Unfortunately, the cost for our loved ones, when things go wrong, is both emotional and financial.


Beneficiaries find out after it is too late

At the time most people sign their will and other estate planning documents, they don't really know if their wishes will be carried out. It is their beneficiaries who find out later.

Well intended plans may start unravelling when a beneficiary is contacted by a lawyer, indicating the estate will be challenged, or when they realise legally avoidable taxes are payable because simple measures were not taken to prevent this.

At this point it’s too late, there’s nothing they can do. The will maker has gone.

Like a Mooloolaba man who recently came to see us. His estranged sister was making a claim against the home his mother had left to him, even though it was left entirely to him in the will.

Because a will or estate plan can’t be rewritten from the grave, beneficiaries often lose large chunks of their inheritance.

Their inheritance may be squandered because of claims made by people deliberately excluded by the will-maker,

- because of legally avoidable taxes,
- because a beneficiary is sued after receiving an inheritance, or
- because expensive legal fees are incurred to clean up the mess.


The nest egg we hoped to leave a beneficiary, may instead end up an emotional and financial nightmare.

What is the point of a will that doesn't implement your wishes?
At least will-makers show they care, by making a will, but what is the point if it doesn't implement their wishes?

We find even those people with a will are often flying blind.

They don’t really understand if their wishes will be fully implemented.

Around 50% of Australians die without any will at all

More often than not, documents and plans they made are not very effective.

Many of those with a will have an inadequate will
This is a pity for those who made the effort of preparing a will because their wishes may only partially be fulfilled at best.
Even those with adequate wills may not have everything covered
Associated estate planning documents are usually necessary to accomplish ones overall wishes, particularly in today's complicated world. There are often significant omissions thwarting the effort.

Without knowing it, very few have their wishes carried out. This doesn't have to be the way you do things

Some will-makers get to know their options and pay attention to creating a lasting legacy, but they are in the minority.

In 2018, even those with moderate wealth benefit their families by doing this.

 


It takes less time to leave a life-long legacy than it does to arrange a 21st party.

When you compare the time it takes to plan your estate, versus the time it takes to arrange a 21st birthday party, you start to realise we sometimes get our priorities wrong.

One gives a child a nest egg that may last a life time, the other gives them a single night of pleasure.

How can you check on your estate plan and avoid leaving a mess?

The best way we can help you avoid leaving a mess, is to firstly show you the traps, that lead to a substandard estate plan. Each trap takes about 2-3 minutes to read. Then we show you how to fix your estate plan, if it needs work.

Let’s take a look…


We are a firm of Registered Australian Legal Practitioners
LIBERTY LAW HAVE PROUDLY PREPARED 1000's OF  WILLS AND ESTATE PLANS​​​​​
Part of the Adams and Ross Group  EST.1995

 www.libertylaw.au 
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Servicing clients across Australia

Questions
Call 3216 1999
enquiries@libertylaw.com.au

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