It’s something you know you need to get done. But how do you find the time?
Gild’s wills & estates team has the experience, tools and insights to get the job handled for you. Our advice is designed for busy business leaders – efficient, optimal and clear. Once the process is complete:
Your assets will be protected. Your family will be protected. Your business will be protected.
Now you can stay focused on living the dream.
Whether you’re a business owner, high-level executive, a parent or property owner, you’ve probably heard that you should have a plan together for the sake of your loved ones. Just in case something unexpected happens.
The simple fact is, forward-thinking business leaders need a will in place.
It pays off to get it done by an experienced legal advisor, so that there’s less chance your wishes can be contested or changed. Gild’s legal team has years of experience, combined with the tools and insights to get the job handled for you. After the process, what’s yours will be protected, and your loved ones can rest assured that everything will be inherited the way you planned.
Here are the aspects The Gild Legal team will consider for you, while planning your will:
The structure of the will itself, whether it be a simple will or a testamentary trust will, either one requires careful consideration. Other factors to take into account include the various appointments made under a will such as the executors, guardians, trustees and appointors (where required), funeral wishes, specific gifts, equalisation and default distribution clauses. There may be a need to also include a right of residence or the creation of a life interest – it really depends on the circumstances at hand.
Often referred to as a “living will”, part of the estate planning process is also planning for one’s incapacity or absence (e.g. overseas). Who should be appointed to make financial and personal/health decisions if you are unable to? How are decisions to be made if there is more than one person appointed? Is the appointment to commence immediately or at a later date and are they subject to any terms and conditions?
Trusts do not form part of your estate but nevertheless is still an integral part of the overall estate plan. Companies also do not form part of your estate (but if you hold shares personally, the shares will be an estate asset). Issues considered include the current and successor control mechanisms and trigger events.
Again, does not automatically form part of your estate. Strict rules also apply in regards to who can be nominated to receive benefits. Nominations may also be binding, non-binding and some may lapse over time. It is imperative that the rules set out in the deed are followed.
Although a memorandum of wishes is not legally binding, it is a useful document that provides guidance to your executors and trustees. If you change your mind about your wishes, you can update such document at any time, so long as you still have the testamentary capacity to do so.