What is a Will?
A Will is a legal document that outlines how you would like your assets distributed when you die. It also appoints an executor, who is the person responsible for administering your estate. The people who receive your estate are referred to as your beneficiaries.
We offer a full and comprehensive Will making service. We can advise you in relation to all aspects including the planning of your estate and affairs to ensure that your assets are not consumed by unnecessary taxes or other red tape.
What if I die without a valid Will?
If you die without a Will, you are said to have died intestate. This means that your assets are unprotected and may not be distributed according to your wishes. In a worst case scenario, your assets may actually be consumed by the government.
The rules for distributing your assets in circumstances where you have died without a will are contained in Part 3 of the Succession Act (1981). These can be extremely complicated and in addition to the problems outlined above are also likely to greatly increase the costs of administering your estate, once you have died. This means it may take more time and money to finalise your deceased estate.
Who needs a Will?
Everyone over the age of 18 should make a Will.
Is my old Will valid?
You should also remember to consider and update your Will on a regular basis as there are a number of things which can effect invalidate your old Will.
This includes things such as:
Marriage
Separation or Divorce
Entering into or ending a de facto relationship
The birth of children or grandchildren
Relationships with step children or children of partners
The Death of Someone mentioned in your Will
Changes to your financial circumstances
Changes to Tax Laws or other Laws.
The most common reason to invalidate a Will is marriage. In most cases a marriage will mean that any Will you have previously made will be invalidated and will need to be redone.
Divorce, Separation or the ending of a de facto relationship are examples of situations where your Will may also need to be updated. The effect of these things on your Will depends on your individual circumstances and the Will that you have in place, so the only way to adequately address these situations is to immediately consider and update your Will.
What range of things can my Will include?
Most simple Wills only deal with the distribution of your assets. There are, however, a number of other things which you may like to include in your Will
- name testamentary guardians for your children
- establish a trust to provide for children or others with a disability
- Structure your distribution to prevent your young adult children from wasting their inheritance at an early age.
- ensuring preservation of assets from unexpected family disputes.
- Provision of personal instructions or letters to family members.
- Minimisation of Tax Implications for your beneficiaries.
What do I bring to my Will appointment?
Although you do not have to, we strongly advise that you should prepare or list all of your assets and liabilities including the addresses of property owned, bank account details or the names of any shares you own.
You should also consider the person you would trust the most to administer your Will (the Executor). The executor can be any person who you know and trust to distribute your Will according to Law and your wishes, even if that person is receiving a benefit under your Will.
If possible, you should also bring the contact details of all people mentioned in your will.
Price of Will
Our Standard price for a Will is $490.
This price is based on a simple Will which will be adequate for the vast majority of people who wish to either make a Will or update an existing Will. In many cases, we will travel to your house to help you make or execute your Will.