{"id":39309,"date":"2020-11-09T09:52:41","date_gmt":"2020-11-09T01:52:41","guid":{"rendered":"https:\/\/zegal.com\/?p=39309"},"modified":"2023-03-10T13:37:31","modified_gmt":"2023-03-10T05:37:31","slug":"last-will-and-testament","status":"publish","type":"post","link":"https:\/\/zegal.com\/en-au\/blog\/post\/last-will-and-testament\/","title":{"rendered":"Last Will And Testament"},"content":{"rendered":"<div class=\"date-new-outer\">\n<div class=\"date\">\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-39311\" style=\"color: inherit; font-size: 50px;\" src=\"https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/Last-Will-and-Testament-1280x854.jpg\" alt=\"will\" width=\"1280\" height=\"854\" srcset=\"https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/Last-Will-and-Testament-1280x854.jpg 1280w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/Last-Will-and-Testament-320x213.jpg 320w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/Last-Will-and-Testament-768x512.jpg 768w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/Last-Will-and-Testament-1536x1024.jpg 1536w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/Last-Will-and-Testament-2048x1366.jpg 2048w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/Last-Will-and-Testament-640x427.jpg 640w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/Last-Will-and-Testament-1024x683.jpg 1024w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/Last-Will-and-Testament-1200x800.jpg 1200w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/Last-Will-and-Testament-1920x1280.jpg 1920w\" sizes=\"auto, (max-width: 639px) 98vw, (max-width: 1199px) 64vw, 770px\" \/><\/p>\n<\/div>\n<\/div>\n<div class=\"post-content-container\">\n<div class=\"post-content\">\n<div class=\"post-excerpt\">\n<p><em>No matter what your personal circumstances are, it is vital that you have a properly executed Will to ensure your estate is handled in accordance with your wishes.<\/em><\/p>\n<p>At Trusted Union, we write a lot about insurance as a way to protect yourself and your loved ones. We always advocate getting home insurance to protect your valuables, business insurance to protect what you have built, and life insurance to protect your family should the worst happen to you.<\/p>\n<p>But as risk managers, we take a holistic approach to helping you protect what is near and dear to your hearts. Today, we have invited our good friend and partner Natalie Smith from\u00a0<a href=\"https:\/\/lutea.com.hk\/\">Lutea HK<\/a>\u00a0to share about another important risk management tool to use alongside a comprehensive life insurance policy: wills.<\/p>\n<p>Lutea has been providing trustee &amp; advisory services to residents of Hong Kong and Asia for over 25 years and focus on helping private individuals, families and businesses around the world maintain family wealth and ensure succession throughout the generations. They do this with practical and holistic succession planning, trusteeship of family trusts and pension schemes, International will drafting, company incorporation and administration services and UK tax advice. As a global organization, they have offices in Jersey, Hong Kong, Singapore, Anguilla, and the UK. Lutea prides itself on personal service and employs modern technology to meet the evolving needs of their clients.<\/p>\n<p><a href=\"https:\/\/lutea.com.hk\/directors\/\">Natalie Smith<\/a>\u00a0is an English Solicitor admitted to the Supreme Court of Justice (Superior Courts) of England &amp; Wales in 2003. Prior to her role at Lutea and relocating to Hong Kong, she has worked extensively in Wills, Tax &amp; Estate planning, and Trust &amp; Company structure. Family offices, international entrepreneurs, law firms, and \u2018Big 4\u2019 Accountancy Firms have all sought her expertise in these areas. After nearly 2 decades of practice, she joined Lutea (Hong Kong) as Director in November 2019.<\/p>\n<p>We are very proud and excited to have her write a guest post sharing her expertise with our clients and readership. This is a very complex topic without any one-size-fits-all solutions. To learn more or to retain her services, get in touch through the\u00a0<a href=\"http:\/\/www.lutea.com.hk\/\">Lutea (Hong Kong) Limited<\/a>\u00a0website.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_Is_A_Will\"><\/span><strong>What Is A Will?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Put simply, a will is a legal document that determines who receives assets from your estate when you pass. Without a Will, your assets will be distributed according to a hierarchy laid down in the law which may not be the same as what you intended. In your Will, you will also appoint Executors who will be responsible for administering your estate according to your wishes.<\/p>\n<p>No matter what your personal circumstances are, it is vital that you have a properly executed Will to ensure your estate is handled in accordance with your wishes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_Is_A_Will_Important\"><\/span><strong>Why Is A Will Important?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A Will is important because it is a formal expression of how you want your assets to be distributed when you pass. It is an important legal document that should be created with careful consideration, discussion with family members, and drafted by professionals. The biggest risk of not having a Will is that assets are distributed in a way that is counter to your wishes.<\/p>\n<p>If no Will is left, there may also be increased legal fees and expenses and longer administration periods associated with distributing the assets to beneficiaries as it would involve a lengthy legal process.<\/p>\n<p>Having a well structured will in place also helps reduce infighting amongst beneficiaries and surviving family members. Without a Will, some family members may feel the assets were distributed unfairly which could lead to legal proceedings further delaying the process, eat away at the estate\u2019s assets, and inflaming tensions within a family or business. To avoid this, you should craft a will after lengthy discussions with relevant family members and legal experts to craft a solution that meets everyone\u2019s needs.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tax_Planning\"><\/span><strong>Tax Planning<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Wills are much more than just instructions on how the assets of your estate are to be distributed. It can also be used as a tax planning tool and &#8211; must like a life insurance policy &#8211; to ensure that vulnerable family members are well cared for in your absence.<\/p>\n<p>A Will allows you to make provisions for young and vulnerable beneficiaries. This can include preserving assets for your chosen beneficiaries or appointing a trusted relative or friend to act as their Guardian until they come of age.<\/p>\n<p>It is also the cornerstone of any good estate or financial plan. Over their working years, many of our clients have substantial assets in different countries all over the world. At Lutea, we take very careful consideration in the making of a Will or Wills for assets in each jurisdiction to avoid difficulties and unintended consequences when it comes time to distribute the estate\u2019s assets.<\/p>\n<p><em><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-38744 alignleft lazy-loaded\" src=\"https:\/\/ts5mapnq9e48izo12znjei1n-wpengine.netdna-ssl.com\/wp-content\/uploads\/2020\/09\/trusted-union-logo.jpg\" alt=\"\" width=\"140\" height=\"146\" data-lazy-type=\"image\" data-src=\"https:\/\/ts5mapnq9e48izo12znjei1n-wpengine.netdna-ssl.com\/wp-content\/uploads\/2020\/09\/trusted-union-logo.jpg\" \/><a href=\"https:\/\/www.youtube.com\/watch?v=6kxn7Wpy7Wg&amp;feature=emb_logo\" target=\"_blank\" rel=\"noopener noreferrer\">Trusted Union<\/a>\u00a0is an independent Hong Kong insurance brokerage. Their insurance brokers have over a decade of insurance experience and bring this knowledge to you as an expat, local, or business owner.\u00a0<\/em><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><b><i>This article does not constitute legal advice.<\/i><\/b><\/p>\n<p style=\"text-align: center;\"><i>The opinions expressed in the column above represent the author\u2019s own.<\/i><\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/register.zegal.com\/\"><b>Start managing your legal needs with Zegal today<\/b><\/a><\/p>\n<h5 style=\"text-align: center;\"><a href=\"https:\/\/zegal.com\/zegal-partners\/\">BECOME A ZEGAL REFERRAL PARTNER<\/a><\/h5>\n<p><a href=\"https:\/\/zegal.com\/blog\/post\/social-media-marketing-tweaks-that-could-change-your-business\/\">READ MORE:Social Media Marketing Tweaks That Could Change Your Business<\/a><\/p>\n<p><a href=\"https:\/\/zegal.com\/blog\/post\/travel-insurance-post-pandemic\/\">FURTHER READING: The Limits of Travel Insurance Post Pandemic<\/a><\/p>\n<p><b>Article syndicated with permission from https:\/\/www.trustedunion.com\/last-will-and-testament\/#gsc.tab%3d0<\/b><\/p>\n<p align=\"justify\">Trusted Union is an independent Hong Kong insurance brokerage. Their insurance brokers have over a decade of insurance experience and bring this knowledge to us as an expat, local, or business owners.<\/p>\n<p align=\"justify\">To do this, they have key relationships with over 40 multinational insurance partners representing the full range of insurance products including\u00a0<a href=\"https:\/\/www.trustedunion.com\/personal-insurance\/home-contents-insurance\/\">Property<\/a>,\u00a0<a href=\"https:\/\/www.trustedunion.com\/business-insurance\/public-liability-insurance\/\">Liability<\/a>,\u00a0<a href=\"https:\/\/www.trustedunion.com\/health-insurance\/individual-and-family\/\">Individual Health Insurance<\/a>,\u00a0<a href=\"https:\/\/www.trustedunion.com\/life-insurance\/term-life-insurance\/\">Life Insurance<\/a>,\u00a0<a href=\"https:\/\/www.trustedunion.com\/voluntary-employee-benefits\/\">Group Benefits<\/a>, and countless other niche products like\u00a0<a href=\"https:\/\/www.trustedunion.com\/niche-business-insurance\/directors-and-officers-insurance\/\">D&amp;O<\/a>,\u00a0<a href=\"https:\/\/www.trustedunion.com\/business-insurance\/employees-compensation-insurance\/\">Employee\u2019s Compensation<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.trustedunion.com\/private-client-insurance\/estate-tax-life-insurance\/\">Succession Insurance<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>No matter what your personal circumstances are, it is vital that you have a properly executed Will to ensure your estate is handled in accordance with your wishes. At Trusted Union, we write a lot about insurance as a way to protect yourself and your loved ones. We always advocate getting home insurance to protect [&hellip;]<\/p>\n","protected":false},"author":116,"featured_media":39311,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","inline_featured_image":false,"footnotes":""},"categories":[14278],"tags":[7043,6820],"usecases":[],"businesstypes":[],"country":[],"class_list":["post-39309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-management","tag-legal","tag-tech"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.8 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Last Will And Testament | Zegal Australia<\/title>\n<meta name=\"description\" content=\"No matter your personal 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