Too often we see or hear about Wills being disputed in the Courts.
Here are some important issues you should be aware of in relation to your Will.
- When preparing a Will, you need the capacity to be able to clearly express your wishes and it is highly recommended that your Will be professionally drafted.
- The law allows close family members and certain dependents of the deceased to challenge a Will on the basis that it does not provide for their “proper maintenance and support”.
- A Memorandum of Wishes (or similar document) is recommended in addition to a Will which provides sufficient explanations to family and friends as to the distribution of certain assets of the estate. This should allow a smooth, efficient administration of the estate.
- Wills may not determine the payout of superannuation. This asset is governed by the terms of the superannuation trust deed. It may very well provide for your superannuation to be distributed at the sole discretion of your trustee, or perhaps your superannuation fund allows you to nominate a beneficiary. It goes without saying that proper planning and the obtaining of legal advice when preparing your Will is essential.