A Will is a legal document that states what you would like to happen with your money, belongings and other assets when you pass away.
Your Will names:
- Who you would like to administer your estate when you pass away and make your funeral arrangements. This person is called an Executor; and
- Who you want to give your estate to, namely your beneficiaries.
A Will also lets you:
- Name one or more guardians for your children if you and their other parent were to both pass away;
- Establish a trust to provide for your children or a person with a disability;
- Preserve your assets;
- Give money to charity and philanthropic organisations; and
- Give specific wishes in respect of your body i.e burial, cremation, your funeral service, organ donation.
Why make a Will?
It is important to plan for the future. Having a valid Will is the only reliable way to ensure that your estate goes to family, friends, organisations or charities of your choice after you pass away.
Having a valid and up-to-date Will can help reduce stress for your family and friends, limit the costs to administer your estate, and lessen the possibility of disputes over your estate.
If you pass away without a valid Will, your estate will be divided in accordance with the rules of intestacy.
When should you review your Will?
We recommend that you review your Wills at least every twelve (12) months, or whenever the circumstances of a person mentioned in your wills changes, especially if any of the following events occur:
- If an executor dies or becomes unwilling or unsuitable to act due to ill– health, age or any other reason;
- If an executor becomes bankrupt or loses capacity;
- If a beneficiary dies;
- If any specific property has been left to a specific beneficiary and you subsequently sell that property or it changes in nature;
- If the family situation of yourselves or any beneficiary changes (e.g. marriage, divorce, matrimonial problems, children or further children, de facto relationships);
- If either of you become involved in a new business, company or trust;
- If you take up permanent residence in another State or overseas.
Get Started Now
Please contact our office on 1300 428 947 to arrange an appointment with our Wills and Estates Solicitors to make your Will document today.
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