When you die, you can gift your physical possessions, but you also have an opportunity to pass on your values, attitudes and philosophies.
When considering your Will and Legacy, create opportunities for flexibility and choice (within a structured environment). Too many limitations can exacerbate poor relationships and create unnecessary expense – stay true to your ideals and make practical choices!
1. Gift a Well-Organized Estate
Minimise the time and effort required for others to work out what your legacy is.
This is done by:
a) A well-drafted Will including consideration of non-Estate assets;
b) Collating all information about your insurance policies, superannuation funds, Trust Deeds, location and contact information for beneficiaries,assets/debts, litigation possibilities, employers/employees…..and much much more!
c) Provide a road-map to help survivors navigate your digital records, and weed out irrelevant information.
d) Clarify Burial/Cremation wishes and remove indecision that can lead to family disputes.
e) Clarify how you expect disputes over matters to be resolved. Simultaneously providing gifts and easy opportunities to resolve any disputes can lessen the impact of potential conflict.
f) Consider whether nominated Executors can distribute your estate harmoniously, whilst also staying strong in times of external pressure.
2. Create strategies to maximize the potential of your estate
a) Consider potential claimants to your estate to ensure your loved ones are not disadvantaged. Take into account any toxic relationships and consider how you can counteract this in your Will and Estate Plan.
b) Enable flexible gifting in well-tested Testamentary Discretionary/Family Trusts to maximize gifts available to people you love, whilst quarantining your estate from the risk of bankruptcy, poor money management or undue pressure.
c) Empower Trustees to invest in a long-supported charity. By establishing and/or ...