A Will That Works: How Terracon Legal Can Help Protect Your Legacy
Written by Michelle Gold and Hayleigh Bombinski
A well-drafted Will is not one that simply reads well on paper; it is one that will work when you pass away.
It is important to see an estate planning specialist when preparing your Will. This may not always be the cheapest option (an AI-generated or newsagent Will, for example) but in the long run, it will be. The risk of your Will not achieving its purpose, or resulting in a costly probate application or dispute, rises significantly when it is not prepared by a specialist, it is AI-generated, or is home-drawn. Even the ‘simplest’ matter can involve complexities if the document is not drafted correctly.
Modern estate planning requires a broad and humanistic understanding of many areas, including what can and cannot pass under your Will, how to achieve your intended purpose, and whether the terms of your proposed Will are genuinely achievable on death.
Asset ownership, asset protection (including for future generations), blended families, vulnerable beneficiaries, business interests, and the use of testamentary trusts, are only a few of the factors of which an estate planner needs to be cognisant. Time and again, documents that appear polished and well written fail in practice because the terms were not achievable in the first place, or because they were not tailored to your asset structure or family circumstances.
It is also important that your estate plan as a whole works with your Will, including:
- Superannuation death benefit nominations are a prime example: a binding nomination is not a universal ‘one size fits all’ answer. Proper consideration needs to be given to your nomination including your survivors’ circumstances, whether the distribution in your Will is likely to be challenged, and whether a binding nomination could trigger unintended outcomes, including adverse tax or pension consequences.
- Your Enduring Power of Attorney should not be a generic document with no tailoring of powers to suit your circumstances.
How Terracon Legal Can Help
At Terracon Legal, our Wills and Estates team led by Partner Michelle Gold, helps clients create tailored estate plans that reflect their circumstances and objectives.
We focus on ensuring your estate plan protects your loved ones, reduces risk, and works effectively when it matters most.
For more information please get in touch with the team at estates@terraconlegal.com.au.