An ‘I love you’ Will is a type of simple estate planning document where individuals in a couple can make arrangements to leave everything in their estate to the other.
After both individuals in the couple pass away, the estate will typically go to their children, or other designated beneficiaries.
This kind of Will can work well for people who are seeking a simple, cost-effective and uncomplicated estate plan that is easy to draft and understand, and that gives peace of mind knowing their surviving spouse or partner will inherit everything.
An ‘I love you’ Will typically suits couples with modest estates and straightforward wishes. They’re more suited to individuals who trust their spouse to responsibly manage their estate and who don’t need to consider complex trusts or asset protection strategies.
In short, having a Will ensures your assets are distributed according to your wishes and not by default legal rules that may not reflect your intentions.
So if you’ve been meaning to write a Will, but still haven’t taken the steps, talk to a financial adviser or estate planning professional for advice on where to start.
If your assets and wishes are fairly straight forward, an ‘I love you’ Will may be right for you.
If you need financial advice for planning your estate, call me at Align Financial on (02) 9913 9995.
