There’s No Such Thing as a “Simple” Will: Protecting Family Wealth the Right Way
- Chris Abbott
- 3 minutes ago
- 2 min read
Many Australians still believe a “simple” will is all they need to protect their estate. In reality, a simple will often creates more problems than it solves. Without proper planning, your assets can be exposed to unnecessary taxes, litigation, or family disputes.
The Myth of the Simple Will
Clients often tell me, “Mum and Dad just have a simple will.” But a will on its own is rarely enough to protect a lifetime of hard work. In many cases, these “simple” wills cost families thousands of dollars and years of stress in litigation.
Why Testamentary Trusts Matter
At the very least, a will should contain a testamentary trust. This provides:
Protection from family law claims and creditors
Flexibility in distributing income to beneficiaries
Favourable tax treatment for minor children
It’s the foundation of smart estate planning.
The Power of Family Protection Trusts
For families with significant assets or complex situations, a Family Protection Trust goes even further. This type of trust:
Locks wealth into the bloodline
Ensures assets can pass to children and grandchildren without stamp duty or capital gains tax
Minimises the risk of assets being lost in divorces or disputes
Avoiding the Litigation Trap
Too often, families end up in long, costly disputes because their wills weren’t properly drafted. With proper planning, you can prevent years of litigation and ensure your wealth benefits the people you intend.
Act Now – For Yourself and Your Parents
If you’re reviewing your estate plan, don’t stop at your own. Make sure your parents’ affairs are also in order. A strong estate plan can save your family huge amounts of money, time, and stress.
Next Steps
If you’re ready to upgrade from a “simple” will to a comprehensive estate plan with testamentary or family protection trusts, get in touch: