Wills

What is a Will?

A Will is a legal document which sets out how you wish your assets such as your house, land, car, shares, bank accounts and insurance policies to be distributed following your death.

Any person aged 18 or older and of sound mind can make a Will.

In the Will you decide you wish to be the executor to carry out the directions in your Will. Beneficiaries are the people you choose to receive your assets.

In your Will you can also express your wishes as to who you would like to be the guardians of your children, if they are under the age of 18 years.

Why make a Will?

There is no legal obligation to make a Will however it is a wise decision and ensures that you have a say in how your assets will be distributed following your death and who will be in charge of your Estate.

If you die without making a Will then you would not have a say in how your assets are to be distributed and who will be the executor or administrator of your Estate.

If you die without a Will then your assets are distributed according to a formula set down in legislation and this could have the following results-

• force the sale of the family home to pay out other beneficiaries
• your children or grandchildren may not have future financial protection
• the needs of incapacitated family members may not be taken into account
• If you have no relatives your Estate may go to the government.

If you marry you need to make a new Will. Any existing Will becomes invalid once you marry or remarry.

If you divorce your divorced spouse is not entitled to inherit under your Will unless you specify otherwise. However if you are separated and not divorced it is essential that you update your Will to reflect the situation, otherwise your estranged spouse may still inherit from your estate under a Will made while you were married.

Preparing your own Will

You could prepare your Will yourself, however if it is not correctly worded there is a risk that it may not actually carry out your wishes. This could result in claims being made against your estate by members of your family who you did not intend to inherit from your estate.

There is the possibility that the Will may not be valid if it is not correctly prepared, signed and witnessed.

Why have your Will prepared by a Lawyer?

This is an important legal document which should be prepared by a lawyer.

Before making a Will the following things must be considered-

• Who is to be the executor of your Will
• What are your assets and liabilities
• Who do you wish to leave your estate to
• How to protect your children’s future
• Who to appoint as guardian of children under 18

We will make sure that your Will is prepared in accordance with your wishes and correctly signed and witnessed taking into account

• Any potential taxation issues
• Any potential claims against your estate

Your Will can be stored in the safe custody facility at our office on your behalf together with other important documents such as Certificates of Title, free of charge. These documents can only be released with your written consent.

“Free” Wills

The Public Trustee and other Trustee companies offer to prepare you Will free of charge. However these trustees require that you appoint them as executor of your estate and after your death charge a large commission based on a percentage of the value of your estate. This commission could be thousands of dollars and if the estate creates ongoing trusts the fees and commissions are also ongoing.

We charge a ‘once only’ fee for preparing your Will and you decide who is to be the executor of your estate. Our fees for preparation of Wills are very reasonable and you will be surprised how inexpensive such an important document can be.

<< Back to Helpful Information >>

The information you obtain at this site is not, nor is it intended to be, legal advice.
You should consult a lawyer for individual advice regarding your own situation.

Copyright ©2002 by Rowland & Townend . All rights reserved.
This FirmSite ™ created by Findlaw Australia