Estate planning tips
22 Feb 2016
By Shadforth Financial Group
If you get married, any pre-existing Will is revoked unless it is made in contemplation of marriage. Divorce does not revoke a Will but generally any benefit you have provided to a spouse will be revoked.
To ensure your children are looked after financially if the worst happened, then establishing testamentary trusts within your Wills for their benefit can be a good idea. A testamentary trust will allow your children or their guardians to access money you have left, to help with their needs as they grow.
‘What would they have wanted?’ This is a common question from family after a loved one dies. By stating what your burial preferences are in your Will you remove any confusion your family may face. You can be as detailed or as basic as you like, it doesn’t just have to be about burial or cremation, some people will say what flowers they like or what songs they want played at their funeral.
It’s a good idea to review your Will every five years or so but clear catalysts are marriage, divorce, children and a change in relationships. Your Will should always reflect your current circumstances and wishes.
To find out if you have the right plans in place, contact your Shadforth adviser.