Make 2024 the year that you take action on your wills, estate planning and trusts.
For a lot of us, the start of a new year often brings with it a renewed energy for making to-do lists (it might be one, or many!), and a commitment to getting those things done.
With that fresh burst of motivation, it is the perfect time to tackle all of those important things that you know you really should do, but perhaps just never seem to get around to, like:
- drafting or updating your will
- putting some estate planning in place, and
- reviewing or establishing any trusts.
Luckily for you, at The Quinn Group we have considerable experience when it comes to wills, estate planning, trusts, and more. So, instead of needing to add multiple items to your to-do list, you only need this one to cover off on a number of things all in one place:
- Book an appointment with The Quinn Group.
Simply call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 or submit an online enquiry form to arrange a meeting or teleconference, and you’re on your way towards ticking that item off your list! Our team of expert lawyers are standing by to help you get things in check in 2024.
If you’d like a little more information to help you better understand or consider what you might need to do this year, we’ve pulled together a selection of previous articles that you might find useful.
Important Things to Consider When Writing a Will
A Will is likely to be one of the most important documents that you will prepare and sign in your lifetime.
For this reason it is important to take the necessary precautions in order to prevent mistakes and misunderstandings. This is not only so your wishes can be acted upon after you pass away but also to take away a lot of unnecessary stress from your loved ones at a time where it is least needed.
It is essential to ensure that your last testament conveys exactly what you intend it to and to make sure that your Will is valid…
Go to Important Things to Consider When Writing a Will to read the article in full.
Estate Planning – More Than Just a Will
Did you know that there is much more to effective Estate Planning than creating a Will?
Estate Planning encompasses the preparation and execution of a number of tasks that enable the management of an individual’s financial, legal or medical affairs in the event of their incapacitation or death. While having a Will is certainly a vital part of any Estate Plan, it is not the only important part.
Go to Estate Planning – More Than Just a Will where we have provided an overview of some of the other important items to be included in a robust Estate Plan.
Are Your Testamentary Wishes Really Protected?
It is widely accepted, that for the most part, preparing a valid will ensures that your testamentary wishes will be carried out upon your passing.
While of course that is the case in most instances, it is important to be aware that it is possible that sometimes the estate will not be distributed as intended, despite there being a valid will in place.
If you are the one that is making the will, or has passed, this perhaps offers little comfort. But by being aware and seeking individually tailored advice for your situation, there are steps that you can take to better protect your testamentary wishes…
Go to Are Your Testamentary Wishes Really Protected? to read the article in full.
Do You Know the Tax Effects on Your Estate Plan?
As the saying goes, “There’s only 2 certainties in life, death and taxes”.
Separately, both can be costly, stressful and time consuming. And so when it comes to dealing with tax implications on estate planning, or in the unfortunate event of someone’s passing, there can be additional pressure if appropriate tax advice and planning was not undertaken prior.
In preparing to deal with both of these inevitable matters, there are a number of considerations when it comes to tax implications and estate planning.
To find out more, go to Do You Know the Tax Effects on Your Estate Plan? where we highlight some of the important tax considerations when it comes to estate planning.
Beware: Tax Treatment of Assets in Testamentary Trusts
Not all trusts, and trust distributions, are created equal.
There are many advantages and disadvantages to be considered for each trust structure and its appropriateness for your individual situation. One major consideration, that can be a positive or a negative, is the tax treatment for income and assets in various trust structures.
Go to Beware: Tax Treatment of Assets in Testamentary Trusts as we take a look at the tax treatments that apply when it comes to testamentary trusts.
Get Expert Wills, Estate Planning and Trusts Advice
As you can see, there are many components to creating a robust estate plan. It is definitely much more than creating a will. That is why it is imperative to seek professional advice. Getting the right advice will ensure that you are putting in place the appropriate structures and strategies to best meet your intentions and individual situation.
Don’t let another year go by without addressing some of the most important items on your to-do list. The positive impacts of taking action now when it comes to your wills, estate planning and trusts, may be felt well into the future.
At The Quinn Group, you can benefit from our multidisciplinary team of lawyers and tax accountants, who work closely together to provide you with comprehensive advice and strategies.
Contact us by completing an online enquiry form or call 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange a meeting or teleconference.
Download our Will Kit Now & Get Things Underway
The Quinn Group’s comprehensive Will Kit provides detailed information for consideration before and during the process of preparing and updating your Will, as well as an easy to follow worksheet that guides you to gather and present the relevant details to us. Download your copy of Will Kit – Part A now and then contact us using the details above to start the process of preparing or updating your Will.
