There are a few different people who need to be involved when you create your Will. Of course, your partner will be included in discussions, and likely your family. Then you need a lawyer.
The other person who should be included is your accountant.
Here is why you need an accountant to take a part in the creation of your Will.
Asset evaluation
It’s hard to put together a successful Will without some understanding of how much you actually own.
Assets can include anything from real estate and investments to personal property and business interests. An accountant is an invaluable resource in this process, as they can help ensure your assets are properly accounted for and that their value is accurately assessed.
When you’re preparing your Will, loop in your accountant and ask them to provide up to date evidence of your assets and liabilities.
Tax planning advice
A good accountant will also provide valuable tax planning advice to help you get your Will right.
There are a lot of tax implications that need to be considered when you distribute assets. An accountant with knowledge of how the tax system works is the best person to ensure your wishes are carried out in the most tax-efficient way possible for your beneficiaries.
This can include strategies such as gifting assets during a person’s lifetime, creating trusts to minimise estate taxes and taking advantage of charitable giving opportunities.
Ensuring compliance with legal requirements
Creating a Will involves more than simply outlining a person’s wishes for their assets. There are also many legal requirements that must be met for the will to be valid.
Your accountant and your lawyer can work together to ensure all legal requirements are met, such as proper witnessing and signatures, and all proper documentation.
Providing ongoing financial advice
An accountant can also provide ongoing financial advice both during the estate planning process and beyond.
This can include advice on investment strategies, retirement planning and tax planning, among many other things. By working closely with an accountant, you can ensure your financial affairs are in order and that your assets are being managed in a way that reflects your wishes.
Your accountant can remind you and your lawyer to update your Will if there is a significant change such as the sale of an investment property.
Acting as executor or trustee
Finally, an accountant can act as an executor or trustee of your Will.
The executor of your Will is the person or organisation appointed to administer your estate in the event of your death or permanent incapacitation.
Accountants make excellent executors because they know how to handle the financial and administrative duties involved in administering an estate. Their tasks may include finalising bills, managing investments and distributing assets to beneficiaries. A financial professional is also able to complete this job without being as deeply emotionally affected as a close family member or friend may be, which can be very helpful.
Crest Accountants + Crest Lawyers
Your accountant and lawyer should work together to create your Will. It will help if they have an existing relationship, which is the case with Crest Accountants and Crest Lawyers.
Give yourself and your family peace of mind. Reach out to Crest Accountants to discuss the financial details of your Will today.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice. Whilst the information is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact upon the accuracy of the information.
