Call us: (08) 6267 2200
reception@optimapartners.com.au
  • PAY MY INVOICE
Optima PartnersOptima PartnersOptima PartnersOptima Partners
  • Home
  • About Us
    • Meet The Team
    • Testimonials
  • Our Services
    • Business Advisory
    • Taxation Services
    • Self Managed Superannuation
    • Bookkeeping Services
    • Corporate Secretarial Services
  • Latest News
  • Contact Us

Don’t Fear that Preparing a Will is Tempting Fate

    Home post_news Don’t Fear that Preparing a Will is Tempting Fate
    NextPrevious

    Don’t Fear that Preparing a Will is Tempting Fate

    By admin | | 0 comment | 1 July, 2015 |

    Don’t Fear that Preparing a Will is Tempting Fate 

    Death and taxes are a certainty, so make a Will. 

    Preparing a Will is not an open invitation for a Grim Reaper to pay you a visit in the next few weeks!

    There are more then a few if us who have put off preparing our final instructions simply because there’s a sense that in doing so we’re tempting fate.

    About 50% of Aussies die without a Will. wills

    It’s amazing how many are completed just before flying off on an overseas trip or when we’re going under the knife, no matter how minor the procedure might be.

    A more compelling reason might be to talk to someone who’s been left to sort out the mess of a person who dies without a valid Will. Known as dying intestate, it means the person concerned will face uncertainty, unnecessary delays and more than likely expenses that ultimately eat into the pool available to the deceased loved ones. It may also see an allocation of funds according to a prescribe formula which might not be what you intended.

    Equally as important, for those with more than a few crackers, a properly constructed Will, taking advantage of some little-known  tax tweaks, can see you distributing thousands per annum to your grandkids virtually tax free and even if they’re under 18.

    There’s a great deal of confusion over what’s actually dealt with by a Will.

    Let’s start with assets held in joint names. That normally includes the family home, bank accounts and in some cases shares. In almost every case, death sees the asset pass in totality to the living partner. 

    Depending on the asset concerned, transfer to the surviving partner can be as simple as producing the original or a certified copy of the death certificate.

    In some cases, you may have to go through a more formal identification process to protect against identity theft.

    Equally, most people don’t realise that superannuation funds don’t automatically form part of the estate. In technical terms, it means that proceeds of your superannuation won’t be dealt with by the Will. In this case the super fund is legally obliged to make provision for your dependents who may or may no be the people listed in your Will.

    There are many a grieving family who have seen superannuation proceeds distributed to others who have already been provided for elsewhere. Many also forget that a modest superannuation fund can swell into thousands of dollars when life insurance proceeds are added and dealt with under the same rules.

    It highlights the importance of filling in those annoying forms that arrive each year with the annual super statement.

    If you don’t have a Will or your Will needs updating, contact Optima Partners, we have a network of professionals that can assist you.

    phil nolis

    Phil Nolis

    Director – OPTIMA PARTNERS

    No tags.

    Leave a Comment

    Cancel reply

    Your email address will not be published. Required fields are marked *

    NextPrevious

    Optima Partners is an energetic and innovative accounting, taxation and business advisory firm with offices in Osborne Park, Guildford and Fremantle.

    To discover how we help businesses across Perth please drop us a line today.

    Tel: (08) 6267 2200

    Email: reception@optimapartners.com.au

    Osborne Park Office

    Suite 3, 128 Main Street,
    Osborne Park,
    WA 6017

    Office Hours:
    Weekdays 8:00am – 5:00pm

    Postal Address

    Locked Bag 5000,
    Osborne Park,
    WA 6917

    Guildford Office

    143 James Street,
    Guildford,
    WA 6055

    Office Hours:
    Weekdays 8:30am – 5:00pm

    Fremantle Office

    Level 1, 72 Marine Terrace,
    Fremantle,
    WA 6160

    Please call for appointment

    Copyright 2021 The Small Business Lounge | All Rights Reserved
    • Home
    • About Us
      • Meet The Team
      • Testimonials
    • Our Services
      • Business Advisory
      • Taxation Services
      • Self Managed Superannuation
      • Bookkeeping Services
      • Corporate Secretarial Services
    • Latest News
    • Contact Us
    Optima Partners