Last Will and Testament

A critical part of a complete financial plan is the drafting of a Last Will and Testament. This is a service offered by FPM to our clients as we believe that having an in-depth knowledge of a client’s personal financial position and their future goals and objectives is critical when drafting the specific wishes to be included in a will.

We have highlighted some of the advantages of having an updated will in place in order to provide some insight into this very important aspect of your financial planning:

Detail your wishes in writing

A will is a legally-binding document that lets you determine how you want your estate to be handled on death. Having clear instructions makes the process as simple as possible, not only for the executor of your estate but also on family members who are left behind.

Minimise the Estate Duty Payable

Critical for high net worth individuals, a detailed estate duty calculation needs to be done in conjunction with the Wills instructions. As an illustration, assets left to a spouse benefit from rollover provisions whereas assets left to a family trust are fully estate dutiable.

Making Bequests in your Will

From experience we have found that many clients wish to leave loved ones with an inheritance of cash or a specific item of value. The difficulty however is that death costs and taxes are often not known leaving insufficient value in the estate to fund these wishes.

The above information is very limited in terms of all the items needing attention when drafting a Last Will and Testament. A detailed discussion is necessary, please contact us at FPM should you wish to pursue this option.

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)